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ComEd to Provide $2.5 Million in Bill Relief to Help Small Businesses Offset Rising PJM Supply CostsJune 4, 2026 2:00 PM
Business Wire ComEd’s one-time grants to help this business-customer segment reduce the burden of rising energy costs Today, ComEd, together with its community partners, announced $2.5 million in new bill assistance that will soon be available to help eligible business customers cope with higher PJM supply costs during the summer. Backed by Exelon, ComEd’s parent company, this extension of last year’s Customer Relief Fund will offer a one-time, matching grant of up to $500 to eligible small- and medium-sized business customers located within ComEd’s northern Illinois service territory. Grant applications will only be accepted online starting Monday, June 15, at ComEd.com/SMBRelief. Applications will not be accepted by phone. Small- and medium-sized business customers can visit the site now for more information. A link to applications won’t be posted to the site until June 15. “Increasing PJM-related energy supply costs present challenges to customers in many parts of the country, including small businesses that are a critical part of the economy in the communities ComEd serves across northern Illinois,” said Gil C. Quiniones, President and CEO, ComEd. “The Customer Relief Fund is designed to deliver immediate billing relief to thousands of ComEd’s small-business customers, ensuring they’re able to continue providing jobs to local residents, while contributing to the cultural vibrancy of our region.” ComEd announced the fund in collaboration with Neighborhood Housing Services (NHS) of Chicago, an organization that will administer the fund. To qualify for grants, a business’s energy use must be under 500 kilowatts, have an active ComEd account with a commercial meter (home-based businesses are ineligible) and a past-due balance, along with no unpaid tampering fees and no bankruptcy. “Thriving small businesses are essential to building strong, resilient communities. This innovative partnership with ComEd will deliver meaningful, direct assistance to entrepreneurs and neighborhood-serving businesses in communities that need it most,” said Anthony E. Simpkins, President and CEO of Neighborhood Housing Services of Chicago. "We are honored to help ensure that local business owners have access to resources that reduce financial stress and enable them to continue serving as anchors of economic opportunity for the residents and neighborhoods that depend on them.” About the Customer Relief Fund The Customer Relief Fund is designed to provide timely relief to ComEd small- and medium-sized business customers who, often, are major employers and contributors to their communities. These businesses are most impacted by the nationwide rise in energy costs stemming from a combination of unprecedented growth in electricity demand, record-breaking supply prices, and market factors that are sustaining elevated prices. While ComEd does not control supply prices set within regional markets nor profit from their increase, ComEd remains committed to implementing practical measures to help mitigate PJM supply costs on families and businesses. The fund builds upon last year’s $10 million Customer Relief Fund, which provided bill relief for approximately 33,000 customers. “CBA, as a business association, works continuously to help companies boost profitability through reliable advice aimed at improving their financial performance,” said Melinda Kelly, President of the Chatham Business Association (CBA). “ComEd’s notable $2.5 million relief fund, along with the CBA ComEd Community Energy Assistance Ambassador program, which provides access to affordable energy options and budget-friendly solutions for qualifying residents, are representative of our shared mission and values to support hyper-local projects and offer affordable energy solutions for all ComEd customers.” “We are excited to be a part of this meaningful partnership with ComEd, NHS, and the CBA,” said Karen Freeman-Wilson, president and CEO of the Chicago Urban League. “The Customer Relief Fund is indicative of challenges felt throughout our city. The support of the business sector is critical to helping our entire community weather the financial storm. ComEd, NHS and the CBA are trusted partners, and we are grateful to Gil Quiniones, Anthony Simpkins and Melinda Kelly for their leadership.” “With energy prices skyrocketing across the Midwest, we’re working to protect consumers and lower costs,” said State Senator Elgie R. Sims, Jr. (D-Chicago). “The ComEd Customer Relief Fund works toward the same goal – ensuring our neighborhood businesses can find some relief while keeping the lights on. I encourage local businesses to see if they qualify and apply now.” The new relief fund adds to ComEd’s current programs that help businesses manage energy use and cut future costs. Offerings include facility assessments and cash incentives for improvements like LED lighting, smart controls, sensors, refrigeration, HVAC compressors and insulation. In 2025, ComEd business customers received over $187 million in incentives to offset the cost of energy-efficiency improvements. For information on ComEd energy-efficiency options for small- and medium-sized businesses, visit ComEd.com/SmallBiz. In announcing the new relief fund, ComEd also reminds residential customers that it can help connect them to a variety of bill-support programs for families and individuals, like the Low-Income Home Energy Assistance Program (LIHEAP) and the Low-Income Discount (LID) program, as well as a host of award-winning energy-efficiency programs to help customers manage their energy use to reduce their future bill costs. Information on all of these programs can be found on ComEd’s Smart Assistance Manager at ComEd.com/SAM. Together, these efforts reflect the energy company’s dedication to The Exelon Promise. This customer-focused strategy from Exelon aims to provide quick relief, strong protections and lasting solutions to rising energy costs. In addition to LID and last year’s Customer Relief Fund, other efforts include: the January launch of ComEd’s Delivery Time-of-Day pricing rate, which helps households save money by shifting energy use to times when electricity prices are lower and demand is reduced; and ongoing support for legislation that resulted in customers receiving bill credits of over $803 million – or approximately $13 a month depending on usage – over each of the first five months of this year. ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube. View source version on businesswire.com: https://www.businesswire.com/news/home/20260604180571/en/ ComEd Media Relations
312-394-3500 Original: ComEd to Provide $2.5 Million in Bill Relief to Help Small Businesses Offset Rising PJM Supply Costs

Revolution Brewing Receives $30,000 Rebate as ComEd Launches New Energy Efficiency Offering Designed to Help Breweries, Wineries and Distillers with Rising Energy CostsJune 2, 2026 11:30 AM
Business Wire ComEd Launches New Pilot to Help Small-Mid Sized Microbreweries Enhance Efficiency & Lower Energy Costs ComEd today announced the launch of the ComEd Breweries Pilot, a new energy efficiency program designed to help breweries, distillers, and wineries reduce energy costs through free assessments with targeted, industry-specific solutions for energy-intensive operations. To mark the pilot’s launch, ComEd named Revolution Brewing, located in Chicago’s Avondale neighborhood, as the first participant. This announcement is the latest in Revolution’s ongoing clean-energy efforts. The Chicago-based brewery also received a Distributed Generation (DG) rebate of more than $30,000 to support the latest expansion of its rooftop solar array. The ComEd Breweries Pilot focuses specifically on equipment and processes specific to brewing operations to discover ways to better manage energy use and save money on energy bills. The pilot takes a customer-centric approach to enrollment and delivery, focusing on the unique needs of producers across ComEd’s northern Illinois service territory, and is open to breweries, distilleries and wineries with a focus on those located in disadvantaged communities. “As the cost of materials like aluminum and ingredients continue to rise, ComEd recognized an opportunity to help breweries manage increasing financial pressures and shifting consumer behavior through energy-efficiency solutions tailored to their energy-intensive operations,” said Andy Plenge, vice president of strategy and energy policy for ComEd. “Breweries have long served as gathering places for their communities. Today, owners are becoming more creative and innovative in how they operate and attract customers, and we’re supporting those efforts by helping them reduce energy costs and meet growing demand for sustainable practices.” Chicago, often dubbed the craft beer capital of the country, is home to a thriving brewery community. However, recent market headwinds, intensive energy needs, and customer demand for sustainability are changing the business. More and more, these businesses are looking for ways to reduce costs. "The Illinois Craft Brewers Guild is proud to see Revolution Brewing leading the way as a participant in ComEd’s Breweries Pilot Program. Programs like this create meaningful opportunities for breweries across Illinois to better understand their energy usage, reduce operational costs, and continue building a more sustainable future for Illinois craft beer,” said Katie Carrier, director of the Illinois Craft Brewer’s Guild. “Revolution is proud to brew only in the City of Chicago, and we continue to make long-term investments in our brewery to reduce our carbon footprint and improve our energy efficiency,” said Josh Deth, Revolution Brewing owner. “Tripling our rooftop solar array is a major step in our greater commitment to the environment, alongside other green initiatives like wastewater diversion and recycling.” Revolution Brewing’s updated solar array is now 180 kilowatts, with the new system generating enough clean energy to offset about 20% of its usage— and electric bill. The system is expected to produce 158,547 kWh annually. Combined with the original solar panel installation, the total system will offset approximately 176 tons of CO2 per year, equivalent to the annual electricity use of just over 33 homes. The expansion makes the array one of the largest brewery solar installations in Illinois. "When it comes to sustainability, Revolution Brewing is truly crushing it! And yes, that's a reference to their Sun Crusher beer, which not only tastes great but also promotes their solar-powered status. Cheers to that!" said Windfree Solar CEO Eric Heineman, whose company installed Revolution's new rooftop solar panels. ComEd offers the DG Rebate to help offset out-of-pocket costs of installing a qualified renewable energy generating system and energy storage that is interconnected to the ComEd grid. A rebate requires the use of a smart inverter, which can communicate with ComEd to automatically support the smart grid when needed. Rebates of up to $300 per kilowatt (kW) of generating capacity are available for eligible distributed generation (DG) facilities. For more information visit comed.com/dgrebate and comed.com/solar. ComEd’s Breweries Pilot is part of the award-winning ComEd Energy Efficiency (EE) Program. As energy costs continue to rise, the result of a rise in demand outpacing the development of new generation resources and power plant retirements, the EE program offers instant discounts, rebates, home and facility assessments, technical services and whole-building solutions designed to help customers save money and energy. Since its launch in 2008, the program has helped hundreds of thousands of customers save a total of more than $13 billion on their energy bills, while awarding more than $2.5 billion in incentives to help offset the cost of energy-efficiency improvements. For more information, visit ComEd.com/HomeSavings and ComEd.com/BizSavings. ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company, serving almost 11 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4.2 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube. View source version on businesswire.com: https://www.businesswire.com/news/home/20260602382499/en/ ComEd Communications
1-312-394-3500 Original: Revolution Brewing Receives $30,000 Rebate as ComEd Launches New Energy Efficiency Offering Designed to Help Breweries, Wineries and Distillers with Rising Energy Costs

ComEd Renewable Energy Investments Help Expand Customer Access to Clean Energy and Lower CostsMay 27, 2026 5:25 PM
Business Wire $10 billion in renewable energy credits expands access to wind and solar, supports customer savings and reduces emissions across Illinois ComEd today announced it exceeded $10 billion in Renewable Energy Credits (RECs) under contract at the end of 2025 – an investment that is helping expand access to clean energy, support lower energy costs over time, and deliver environmental benefits for customers across Illinois. The milestone is equivalent to 383 million megawatt-hours of new renewable energy produced in Illinois. Distributed energy resources (DER) like rooftop solar have reached 1.7 gigawatts (GW) on ComEd’s grid, which is enough to power 306,000 homes for a year. Growth accelerated in 2025 with approximately 105 million additional RECs added under contract last year, making it one of the most significant single-year expansions of renewable energy support in Illinois history. RECs represent the environmental attributes of electricity generated from renewable energy. The $10 billion milestone reflects the cumulative value of ComEd’s active REC contracts, which it pays out to renewable energy developers over terms of up to 20 years. These long-term commitments provide financial certainty for developers while helping bring more affordable renewable energy options to customers across Illinois. “The $10 billion REC contract milestone reflects the scale and durability of Illinois’ clean energy policies and the important role RECs play in bringing new renewable generation online,” said Andrew Plenge, vice president of Strategy & Energy Policy at ComEd. “Administering these long-term contracts helps ensure that renewable projects can be financed and built, expanding access to renewable energy and its benefits for the communities we serve.” ComEd’s 1.7 GWs of DER is up from 1 GW in 2024, across more than 2,000 commercial and nearly 80,000 residential rooftop solar systems. Additionally, more than 270 community solar projects are interconnected to ComEd’s grid with more than 480 under construction. Community solar offers all ComEd customers access to clean and renewable solar energy and opportunities to reduce their monthly electricity bills without installing solar panels of their own. Clean energy generation helps reduce emissions, support economic development, and expand access to renewable energy benefits across the state. In Illinois, electric utilities purchase and retire RECs to comply with the state’s Renewable Portfolio Standard, which sets goals for utilities to obtain a percentage of their electricity from renewable energy sources. The Climate and Equitable Jobs Act (CEJA), passed in 2021, sets Illinois on a path to 100% clean energy by 2050 with 40% of energy coming from renewables by 2030 and 50% by 2040. RECS are awarded through processes conducted by the Illinois Power Agency (IPA) and approved by the Illinois Commerce Commission (ICC). ComEd administers the REC contracts, including managing payments to approved vendors on behalf of customers. ComEd’s multi-year Grid Plan, submitted to the ICC in January, supports the clean energy transition by aligning investments to enable additional residential and commercial solar projects, battery storage, high-efficiency heat pumps and other emerging technologies. These investments will support a modern, multi-directional grid capable of managing the increasing flow of power to and from a growing number of distributed energy resources. About ComEd: Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon’s more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable, and efficient energy delivery, workforce development, equity, economic development, and volunteerism. Follow @Exelon on X and LinkedIn. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527465555/en/ ComEd Media Relations
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312-394-3500 Original: ComEd Renewable Energy Investments Help Expand Customer Access to Clean Energy and Lower Costs

Exelon Expands 2c2i Portfolio with New Investments in Natrion and Blackcurrant AIMay 21, 2026 2:00 PM
Business Wire The Exelon Foundation has added two new companies to the Climate Change Investment Initiative (2c2i) portfolio—Blackcurrant AI and Natrion—each tackling different, but critical, energy innovations and positioned to scale as demand for more efficient, lower-cost energy solutions grows. Now in its seventh year, 2c2i is continuing to invest in early-stage companies building practical solutions with both strong commercial potential and the ability to deliver meaningful climate and community impact. The program focuses on companies doing work that will benefit one or more of Exelon’s six major markets—Atlantic City, Baltimore, Chicago, Philadelphia, Washington, D.C., and Wilmington—and investing in solutions that: Reduce greenhouse gas emissions Boost the resiliency of urban infrastructure (e.g., the power grid, transportation systems, buildings, vacant land) against flood, stormwater and rising temperatures Help communities adapt to climate change Advance local sustainability goals “Exelon is excited to continue growing the 2c2i portfolio with the addition of these two companies that have developed innovative climate solutions that will benefit the communities we serve,” said Sunny Elebua, Exelon’s Chief Strategy and Sustainability Officer. “Helping companies scale up and bring new tools and technologies to market is critical as we work to lead the energy transformation while keeping customer bills as low as possible.” Reimagining battery performance for electrification: Natrion Natrion is a growing company that is developing advanced battery components designed to improve energy storage system safety, cost efficiency, and longevity. By improving battery performance and lowering system costs, Natrion’s technology has the potential to enhance the affordability and return on investment of energy storage and electrification projects — helping make solutions like solar, electric mobility, and distributed energy systems more economically viable. Over time, these efficiencies can support lower-cost energy solutions for customers while accelerating adoption of cleaner technologies. With a growing presence in the Chicago region, Natrion’s work supports increased solar deployment and broader adoption of electrified technologies — positioning the company to benefit from accelerating demand for safe, cost-effective battery innovation. Modernizing energy decision-making: Blackcurrant AI Blackcurrant AI, based in Chicago and an NVIDIA Inception company, is building a platform to simplify decisions for large energy users, who are increasingly faced with fragmented data, slow procurement processes, and complex financial tradeoffs. Its software enables companies to model and evaluate speed-to-power for AI infrastructure — from site selection and rate negotiation to fuel and equipment procurement. As AI workloads reshape grid planning, platforms like Blackcurrant are increasingly critical and well positioned to grow. Operators are racing to stand up gigawatts of AI capacity while distinguishing viable sites from grid liabilities, and they need scalable software tools to move efficiently and make cost-effective decisions. Applications now open The Exelon Foundation is now accepting new applications for investment. Startups developing innovative clean energy and climate solutions are encouraged to apply through September 2026. More information about the application and previous investees is available at exeloncorp.com/2c2i. Exelon remains committed to investing in clean energy and sustainability-focused groups with a $20 million commitment to support innovative startups. 2c2i continues to pave the way for groundbreaking technologies that will help mitigate climate change and create a sustainable future for all. The Exelon Foundation would like to recognize law firm sponsor, Katten, which is providing in-kind legal services in support of the 2c2i program climate investments. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521739336/en/ William.obrien@exeloncorp.com Original: Exelon Expands 2c2i Portfolio with New Investments in Natrion and Blackcurrant AI

ComEd Recognizes Ferrero for Achievements in Energy Savings and SustainabilityMay 15, 2026 1:23 PM
Business Wire Ferrero’s Franklin Park facility saves $777,000 in annual energy costs through ComEd Energy Efficiency (EE) Program ComEd and Ferrero today celebrated significant energy savings, sustainability achievements and partnership through the award-winning ComEd Energy Efficiency (EE) Program. Through energy-saving projects and operational improvements at its Franklin Park, Ill. manufacturing facility that began in 2020, Ferrero has saved nearly 8.5 million kilowatt-hours (kWh) of electricity, resulting in annual energy-bill savings of $777,000. These energy savings also have an equal environmental impact to planting more than 2,800 acres of trees or removing more than 680 gas-powered cars from the road for one year. “Ferrero is a great example of the value of making energy efficiency an ongoing business priority,” said Gil Quiniones, ComEd’s President and CEO. “ComEd is eager to work with local businesses to establish long-term operational improvements and support their financial and sustainability goals.” In addition to savings from reduced energy use, Ferrero received $366,000 in incentives from ComEd for completing energy saving projects such as comprehensive lighting and temperature control enhancements. These incentives help offset the costs of EE improvements, which helps Ferrero manage overall operational costs. Ferrero’s participation in the ComEd EE Program reflects a collaborative, long-term commitment to energy management and sustainability. “As a manufacturer and an employer in this community, we take our responsibility seriously,” said Robert Po, Plant Manager of Ferrero’s Franklin Park facility. “Improving energy performance at Franklin Park helps reduce emissions while also strengthening the efficiency and resilience of our operations.” Ferrero took advantage of a key component of the ComEd EE Program for commercial customers, the Strategic Energy Management (SEM) offering. Through SEM, Ferrero received a free assessment of its facility equipment and operations to identify energy-saving opportunities. This was followed by employee training to embed smart energy practices into day-to-day operations. “Congratulations to Ferrero for this well-deserved recognition. As a best-in-class manufacturer, Ferrero is leading the way on energy management and sustainability, while producing iconic brands beloved by families across the globe,” said Mark Denzler, president & CEO of the Illinois Manufacturers’ Association. “We applaud ComEd for their commitment to work with manufacturers across Illinois to reduce their environmental impact and lower energy costs, helping them achieve operational excellence and continued community investment.” Since its launch in 2008, the ComEd EE Program has saved customers a total of over $13 billion on their energy bills and reduced electricity consumption by nearly 112 million megawatt-hours (MWh). These savings are comparable to preventing nearly 84 billion pounds of carbon emissions that contribute to climate change, which is the equivalent of planting 38 million acres of trees. "On behalf of the Village of Franklin Park, I join ComEd in applauding Ferrero's efforts in energy efficiency and sustainability which will have an important benefit for our town," said Irene Avitia, Trustee for the Village of Franklin Park. "By implementing lighting and facility improvements, Ferrero was able to help reduce emissions in our community. I congratulate them on their continued commitment to utilizing sustainable practices that will help protect our planet." Business customers that use more than 5,000 MWh of electricity annually can take advantage of the ComEd EE Program’s SEM offering by visiting ComEd.com/SEM. All customers can explore ComEd’s full range of energy management programs at ComEd.com/WaysToSave. About ComEd ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 million electricity and natural gas customers. ComEd powers the lives of more than 4.2 million customers across northern Illinois, or 70 percent of the state’s population. For more information, visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X and YouTube. About Ferrero Ferrero began its journey in the small town of Alba in Piedmont, Italy, in 1946. Today, it is one of the world’s largest sweet-packaged food companies, with over 35 iconic brands sold in more than 170 countries. The Ferrero Group brings joy to people around the world with much-loved treats and snacks, including Nutella®, Kinder®, Tic Tac® and Ferrero Rocher®. More than 50,000 employees are passionate about helping people celebrate life's special moments. The Ferrero Group’s family culture, now in its third generation, is based on dedication to quality and excellence, heritage, and a commitment to the planet and communities in which we operate. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515978977/en/ ComEd Media Relations
312-394-3500 Original: ComEd Recognizes Ferrero for Achievements in Energy Savings and Sustainability

Higher PJM Supply Costs Expected to Increase ComEd Customer Bills This SummerMay 14, 2026 11:42 AM
Business Wire Customers are reminded of ways to lower usage, save on bills during peak summer months Beginning June 1, the average monthly residential customer bill in the ComEd service territory is expected to increase by $2 to $3 a month as a result of the annual PJM Interconnection capacity auction held last year. Rising capacity costs reflect a growing imbalance between rising energy demand and available generation, which is also driving up wholesale energy prices. These charges, which appear in the supply section of ComEd’s customers’ monthly bill, are not ComEd costs. ComEd does not own power plants and does not control nor profit from prices set by the PJM auction. However, ComEd is working to inform customers of the changes to their bill amid peak usage season and about programs offered by ComEd that can provide customers with relief. And ComEd, along with others, including Governor Pritzker, have also supported efforts to cap and reduce PJM auction prices. “ComEd is taking proactive steps to support customers who may face financial strain due to anticipated PJM supply cost increases,” said ComEd President and CEO Gil Quiniones. “We are expanding bill-assistance programs, accelerating energy efficiency offerings, and continuing our work with the State of Illinois and other stakeholders to bring more energy storage and renewable energy onto the grid. As the demand for power continues to increase, generation companies and grid operators must step up to increase capacity that will be needed to maintain grid reliability and keep energy supply costs affordable for customers across the PJM zone and here in northern Illinois.” PJM cost increases are not new, as capacity charges passed to ComEd customers have risen steadily, with these charges increasing by $12 per month for the average residential customer since 2022. Charges would be significantly higher, closer to a $16 monthly increase, had it not been for the Carbon Mitigation Credit (CMCs) provided for in the state’s landmark Climate and Equitable Jobs Act. ComEd is also informing customers of other variables affecting their summer bills: higher usage, as well as the depletion of the Production Tax Credit (PTC) announced late last year, resulting from federal tax credits paid by the nuclear plants. The PTC was a one-time credit of $803 million applied over five months, and included in the Carbon Free Energy Resource Adjustment line item on bills. From January through May 2026, it helped the average ComEd residential customer save about $13 per month, depending on energy use. Residential customers who are looking to lower usage and save on bills leading into summer months have options, through expanding ComEd programs. Bill assistance ComEd continues to build on bill assistance offerings year over year, which helped connect 190,000 customers to over $94 million in 2025 alone. The ComEd Low-Income Discount (LID) program, new in 2026, is designed to alleviate the energy burden for customers. LID offers a percentage-based discount on monthly electric bills for qualifying income-eligible customers. Through Q1 of 2026, customers enrolled in LID have saved more than $29 million. This follows last year’s $10 million ComEd Customer Relief Fund, which provided bill relief to over 30,000 customers dealing with rising energy costs. Additional one-time relief measures for summer will be announced by ComEd in the coming weeks. Ways to save ComEd’s energy efficiency (EE) program, one of the largest in the nation, recently surpassed $13 billion in total customer bill savings. Customers can leverage EE services and upgrades (e.g. heat pump, HVAC, weatherization) to improve the efficiency of their homes and save on energy use. ComEd also in 2026 introduced new time of day residential rates that are helpful to customers that can shift load to off-peak hours or avoid usage during peak hours – this can be most beneficial to electric vehicle owners. To learn more about ways to save, visit comed.com/homesavings and comed.com/bizsavings for businesses. ComEd offers customers interested in pursuing battery storage and solar an additional way to save through the Distributed Generation (DG) rebates. Customer savings can vary depending on system size, but a typical residential solar installation is around 7 kW, with incentives of up to $300/kW of nameplate capacity—or roughly $2,100—and additional battery incentives of up to $300/kWh, averaging about $4,050 for a typical system. In 2025, ComEd paid approximately $80.1 million in DG rebates, helping thousands of customers lower costs and access clean energy. ComEd’s growing customer programs reflect The Exelon Promise. This customer-focused initiative from parent company, Exelon, aims to provide quick relief to customers amid rising supply cost pressures, to advance customer protections, and to pursue lasting solutions to rising energy costs. With electricity demand in the U.S. hitting record highs, expanding generation resources is essential to provide cost stability for customers in Illinois and across the PJM zone as capacity prices continue to climb. PJM Interconnection—the regional transmission organization serving northern Illinois and 12 other states and D.C.—manages the flow of wholesale power and operates the competitive electricity market. While PJM has made reforms to increase the speed of the interconnection queue, additional actions are needed to incentivize more generation to come online as a means to increase cost predictability and to ensure the market can meet reliability needs for the future, with power plant retirements expected in the years ahead. To learn more about ComEd’s ways to save and to seek bill assistance, visit www.comed.com/billsupport. ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 million electricity and natural gas customers. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514446677/en/ ComEd
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312-394-3500 Original: Higher PJM Supply Costs Expected to Increase ComEd Customer Bills This Summer

Exelon Secures $13 Million in Savings for Natural Gas CustomersMay 12, 2026 9:59 AM
Business Wire Advocacy for customers reflects the Exelon Promise, a commitment to keep bills as low as possible amid rising energy costs Exelon today announced that approximately $13 million will be returned to natural gas customers in the form of refunds and lower long-term costs, following the successful resolution of a multi-year federal pipeline rate case that would have increased natural gas delivery costs for customers. Exelon’s advocacy also helped avoid more than $12 million annually in additional costs that would have otherwise been passed on to customers. Customers of three Exelon operating companies will benefit from the $13 million in immediate savings, including $8.9 million for PECO, $3.6 million for Delmarva Power, and $500,000 for BGE. Advocating for Customers as Costs Rise The win for customers comes at a time when energy supply costs are rising and reflects Exelon’s continued efforts to advocate on behalf of customers through the Exelon Promise, keeping bills as low as possible. “We launched The Exelon Promise because we share our customers’ frustration with rising energy costs. While we don’t control the supply side driving those increases, we are focused on every opportunity to reduce the costs we can control,” said Calvin Butler, President and CEO of Exelon. “By challenging this rate increase, we secured meaningful savings on the delivery side – returning money to customers, avoiding new charges, and helping keep bills as manageable as possible for families and small businesses.” The savings stem from Exelon’s participation in a proceeding before the Federal Energy Regulatory Commission (FERC) involving a proposed rate increase from Transcontinental Gas Pipeline Company (Transco), a major natural gas supplier in the Mid-Atlantic. Exelon companies intervened and challenged the proposal, ultimately helping to secure a settlement that reduced costs, returned over-collection, and prevented new surcharges. Meaningful Benefits for Customers The settlement delivers multiple, lasting benefits for Exelon customers: Refunds returned to customers: $13 million in refunds for over-collections will be returned to customers as a credit on their retail energy bills, expected to appear later this year, reducing future charges. Lower long-term costs: By pushing back on higher pipeline rates, Exelon helped reduce ongoing costs, helping keep energy bills more manageable over time. Elimination of new surcharges: A proposed “Modernization Surcharge Tracker” was eliminated, protecting customers from additional, less transparent pipeline surcharges in future years. Stronger regulatory oversight: By intervening and challenging the filing, Exelon helped ensure the ultimate rates approved by FERC were transparent and fair. Rate stability: The settlement prevents Transco from seeking further rate increases before August 31, 2027. The Exelon Promise is our commitment to deliver immediate relief, strengthen customer protections, and pursue solutions that keep energy reliable and costs as low as possible. For more information visit: https://www.exeloncorp.com/company/exelon-promise. View source version on businesswire.com: https://www.businesswire.com/news/home/20260512396295/en/ Khanya Brann
khanya.brann@exeloncorp.com Original: Exelon Secures $13 Million in Savings for Natural Gas Customers

ComEd Energy Efficiency Program Receives National Recognition From Energy CoalitionMay 7, 2026 11:36 AM
Business Wire Alliance to Save Energy presents ComEd with Stars of Energy Efficiency Award for efforts that help low-income customers achieve nearly $63 million in lifetime bill savings ComEd’s Energy Efficiency Program won the Stars of Energy Efficiency award in the Power & Utilities category from the Alliance to Save Energy (ASE). The award highlights ComEd’s efforts to lower energy costs for customers facing high energy burdens. ASE announced the recognition at its 33rd annual gala May 6 in Washington, DC, where five finalists competed in the Power & Utilities category. Last year, the ComEd EE Program – which offers a variety of services and incentives to help customers manage energy use, lower costs and protect the environment – achieved its most impactful year to date. It offered energy efficiency solutions to low-income customers and communities focused on environmental justice throughout northern Illinois – showing that an equity-driven utility portfolio can significantly enhance affordability and deliver widespread energy savings. In 2025, ComEd delivered $95 million in incentives to income-eligible customers – about one-third of total incentives for that year. Incentives help defray the costs of energy-efficiency improvements. These efforts resulted in an estimated $62.9 million in lifetime bill savings for participating households by lowering energy use, improving heating and cooling performance, and replacing inefficient appliances. Some programs offer no-cost delivery, which eliminates upfront expenses to help customers further reduce monthly bills. “We are grateful to be recognized by an organization that is a leading international authority on energy efficiency,” said Gil Quiniones, President & CEO at ComEd. “ComEd boasts one of the nation’s largest EE programs, and for years we have been helping customers reduce consumption and costs. Since we launched the EE program in 2008, we saved customers enough electricity to power 12 million ComEd homes for one year, while taking over $13 billion off our customers’ bills and avoiding 77 billion pounds of carbon dioxide from entering the atmosphere.” These environmental savings are the equivalent of planting 38 million acres of trees or removing nearly 9 million cars from the road for one year. “There has never been a more important time to embrace energy efficiency,” Alliance president Paula Glover said. “With the United States set to shatter records for electricity demand this and next year, and energy being increasingly unaffordable for millions of Americans, it’s time to get serious about saving energy and embrace efficiency as the fastest, lowest cost way to address what is now an energy crisis.” ASE’s award is the latest recognition for the ComEd EE Program. In 2024, ComEd received the ENERGY STAR® Partner of the Year—Sustained Excellence Award, the highest honor from the U.S. Environmental Protection Agency, for the 12th year in a row. This award is given to select organizations chosen from thousands of ENERGY STAR partners, honoring those whose programs show measurable energy savings and help mitigate climate change. Company Efforts to Maintain Lowest Possible Energy Bills The ComEd Energy Efficiency Program is one of several options that the energy company offers to help address rising energy supply costs – driven by increasingly extreme temperatures and supply-demand imbalances which account for nearly half of customers' energy bills – that continue to impact families and businesses. ComEd does not set supply prices, which are passed on without profit to ComEd. ComEd’s energy efficiency programs reflect the energy company’s dedication to The Exelon Promise. This customer-focused strategy from parent company Exelon aims to provide quick relief, strong protections and lasting solutions to rising energy costs. This includes: the January launch of the Low-Income Discount (LID) program, which offers qualifying income-eligible ComEd customers percentage-based discounts on their electric bills based on income level up to 300 percent of the federal poverty level. These discounts are intended to reduce energy costs to 3 to 6 percent of total household income; the January launch of ComEd’s Delivery Time-of-Day pricing rate, which helps households save money by shifting energy use to times when electricity prices are lower and demand is reduced; last year’s launch of the $10 million Customer Relief Fund, which provided bill relief to more than 30,000 ComEd customers. Later this year, ComEd plans an extension of the program, which launched in collaboration with its parent company, Exelon; and ongoing support for legislation that resulted in customers receiving bill credits of over $803 million – or approximately $13 a month depending on usage – over each of the first five months of this year. ComEd residential customers can find energy efficiency services, incentives, and rebates at ComEd.com/HomeSavings, while business offerings are listed at ComEd.com/BizSavings. To help customers sort through the full range of energy-efficiency and bill-assistance programs, ComEd offers its Smart Assistance Manager at ComEd.com/SAM. This online resource asks customers a few questions, then sorts through all the options ComEd has available to recommend personalized options. SAM will also provide links for more information and to apply. About ComEd ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube. About the Alliance The Alliance to Save Energy is a leading bipartisan, fuel-neutral nonprofit coalition dedicated to advancing energy efficiency as the fastest, most cost-effective way to meet growing energy demand and strengthen economic competitiveness. Convening leaders from industry, government, and the nonprofit sector, the Alliance drives policy, informs regulatory frameworks, and expands awareness of energy efficiency’s role in lowering costs and improving energy resilience. Since 1977, the Alliance has worked to champion energy efficiency as a foundational energy resource that reduces demand, avoids costly infrastructure, and delivers measurable, system-wide impact. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507490057/en/ ComEd Media Relations
312-394-3500 Original: ComEd Energy Efficiency Program Receives National Recognition From Energy Coalition

Exelon Reports First Quarter 2026 ResultsMay 6, 2026 6:50 AM
Business Wire Earnings Release Highlights GAAP net income of $0.90 per share and Adjusted (non-GAAP) operating earnings of $0.91 per share for the first quarter of 2026 Affirming full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share and operating EPS compounded annual growth near top end of 5-7% from 2025 to 2029 Projecting $41.7 billion of capital expenditures over the next four years, resulting in expected rate base growth of 7.9% All utilities sustained top quartile in reliability performance, with ComEd in top decile Through March 31, completed approximately 43% of planned debt financings, including all of its Holding Company issuances, and priced approximately 37% of its $3.4 billion of equity needs through 2029 Exelon Corporation (Nasdaq: EXC) today reported its financial results for the first quarter of 2026. “Exelon is on track for another year of consistent operational and financial performance. Our scale, platform, and disciplined execution allow us to adapt as conditions evolve to continue delivering on our commitments over the long term,” said Exelon President and Chief Executive Officer Calvin Butler. “Through The Exelon Promise, we are committed to balancing affordability while advancing safety, reliability, and investments that strengthen the grid and support the communities we serve – today and in the future.” “We delivered first quarter 2026 adjusted operating earnings of $0.91 per share while maintaining strong operational performance, continuing our track record of execution as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a revised $41.7 billion four-year capital plan, 7.9% rate base growth, and a disciplined focus on cost management, we remain well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. Our results and outlook underscore the durability of our business and our ability to adapt and execute while continuing to invest in a way that balances the needs of our customers with the grid of the future.” First Quarter 2026 Exelon's GAAP net income for the first quarter of 2026 remained relatively consistent with the prior period at $0.90 per share. Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $0.91 per share from $0.92 per share in the first quarter of 2025. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 4. The GAAP net income and Adjusted (non-GAAP) operating earnings in the first quarter of 2026 primarily reflect: Higher costs at the Exelon holding company primarily due to higher income taxes and higher interest expense. Higher utility earnings primarily due to approved distribution and transmission rates at ComEd and PHI, approved distribution rates at BGE, absence of customer surcharge credits at PECO, higher allowance for funds used during construction (AFUDC) at ComEd, and favorable weather and lower income taxes at PECO. This was partially offset by timing of distribution earnings at ComEd, higher depreciation expense at PECO and PHI, higher interest expense at PECO, higher credit loss expense at BGE, and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. Note that rate increases are associated with updated recovery rates for costs and investments to serve customers, driving top quartile reliability and avoiding outage costs. Operating Company Results1 ComEd ComEd's first quarter of 2026 GAAP net income increased to $310 million from $302 million in the first quarter of 2025. ComEd's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $310 million from $325 million in the first quarter of 2025, primarily due to timing of distribution earnings, partially offset by an increase in AFUDC and higher distribution and transmission rate base driven by incremental investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PECO PECO’s first quarter of 2026 GAAP net income increased to $278 million from $266 million in the first quarter of 2025. PECO's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $278 million from $265 million in the first quarter of 2025, primarily due to absence of customer surcharge credits, favorable weather, and lower income taxes due to tax repairs, some of which is timing, partially offset by an increase in depreciation and interest expense. BGE BGE’s first quarter of 2026 GAAP net income increased to $298 million from $260 million in the first quarter of 2025. BGE's Adjusted (non-GAAP) operating earnings for the first quarter of 2026 increased to $298 million from $260 million in the first quarter of 2025, primarily due to approved distribution rates associated with updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs, partially offset by an increase in credit loss expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns. PHI PHI’s first quarter of 2026 GAAP net income decreased to $169 million from $194 million in the first quarter of 2025. PHI’s Adjusted (non-GAAP) operating earnings for the first quarter of 2026 decreased to $180 million from $194 million in the first quarter of 2025, primarily due to unfavorable impacts of the Pepco Maryland multi-year plan reconciliation and an increase in depreciation expense, partially offset by approved distribution and transmission rates driven by updated recovery of investments to serve customers, driving top quartile reliability and avoiding outage costs. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns. ___________ 1 Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois (and transmission in a small portion of northwestern Indiana); PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware. Recent Developments and First Quarter Highlights Dividend: On April 28, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on June 15, 2026, to Exelon shareholders of record as of the close of business on June 4, 2026. Rate Case Developments: There were no rate case developments in the first quarter. Financing Activities: On February 20, 2026, Exelon issued $775 million of its Senior Notes, 4.95% Series due March 15, 2036. Exelon used the proceeds to repay existing indebtedness and for general corporate purposes. On March 19, 2026, Pepco issued $170 million of its First Mortgage Bonds, consisting of $110 million aggregate principal amount of its First Mortgage Bonds, 5.00% Series due March 19, 2036, and $60 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 19, 2041. Pepco used the proceeds to repay existing indebtedness and for general corporate purposes. On March 19, 2026, DPL issued $75 million of its First Mortgage Bonds, 5.74% Series due March 19, 2056. DPL used the proceeds to repay existing indebtedness and for general corporate purposes. On March 19, 2026, ACE issued $100 million of its First Mortgage Bonds, 4.95% Series due March 19, 2036. ACE used the proceeds to repay existing indebtedness and for general corporate purposes. Adjusted (non-GAAP) Operating Earnings Reconciliation Adjusted (non-GAAP) operating earnings for the first quarter of 2026 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2026 GAAP net income $ 0.90 $ 919 $ 310 $ 278 $ 298 $ 169 Regulatory matters (net of taxes of $4)   0.01     11     —     —     —     11   2026 Adjusted (non-GAAP) operating earnings $ 0.91   $ 930   $ 310   $ 278   $ 298   $ 180   Adjusted (non-GAAP) operating earnings for the first quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income: (in millions, except per share amounts) Exelon Earnings per Diluted Share Exelon ComEd PECO BGE PHI 2025 GAAP net income $ 0.90   $ 908   $ 302   $ 266   $ 260   $ 194   Change in FERC Audit Liability (net of taxes of $1)   —   2     2   —   —   — Cost management charge (net of taxes of $0)   —     (1 )   —     —     —     —   Regulatory matters (net of taxes of $7)   0.02     22     21     —     —     —   2025 Adjusted (non-GAAP) operating earnings $ 0.92   $ 932   $ 325   $ 265   $ 260   $ 194   __________ Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%. Webcast Information Exelon will discuss first quarter 2026 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/. About Exelon Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn. Non-GAAP Financial Measures In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on May 6, 2026. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets. New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon, ComEd, PECO, BGE, Pepco Holdings LLC (PHI), Pepco, DPL, and ACE (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release. Earnings Release Attachments Table of Contents       Consolidating Statement of Operations 1     Consolidated Balance Sheets 2     Consolidated Statements of Cash Flows 4     Reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings 5     Statistics   ComEd 6 PECO 6 BGE 8 Pepco 9 DPL 10 ACE 11   Consolidating Statements of Operations (unaudited) (in millions)     ComEd   PECO   BGE   PHI   Other (a)   Exelon Three Months Ended March 31, 2026                       Operating revenues $ 1,913     $ 1,492     $ 1,828     $ 2,030     $ (21 )   $ 7,242   Operating expenses                       Purchased power and fuel   451       612       808       905       —       2,776   Operating and maintenance   438       337       327       424       (60 )     1,466   Depreciation and amortization   404       121       167       246       14       952   Taxes other than income taxes   105       69       104       151       14       443   Total operating expenses   1,398       1,139       1,406       1,726       (32 )     5,637   Gain on sale of assets   —       —       —       —       —       —   Operating income   515       353       422       304       11       1,605   Other income and (deductions)                       Interest expense, net   (135 )     (71 )     (62 )     (106 )     (181 )     (555 ) Other, net   31       11       17       18       (8 )     69   Total other income and (deductions)   (104 )     (60 )     (45 )     (88 )     (189 )     (486 ) Income (loss) before income taxes   411       293       377       216       (178 )     1,119   Income taxes   101       15       79       47       (42 )     200   Net income (loss) attributable to common shareholders $ 310     $ 278     $ 298     $ 169     $ (136 )   $ 919                           Three Months Ended March 31, 2025                       Operating revenues $ 2,065     $ 1,333     $ 1,554     $ 1,778     $ (16 )   $ 6,714   Operating expenses                       Purchased power and fuel   689       502       609       722       —       2,522   Operating and maintenance   423       327       305       349       (57 )     1,347   Depreciation and amortization   380       109       164       234       16       903   Taxes other than income taxes   99       60       96       140       10       405   Total operating expenses   1,591       998       1,174       1,445       (31 )     5,177   Loss on sale of assets   —       —       —       (1 )     —       (1 ) Operating income   474       335       380       332       15       1,536   Other income and (deductions)                       Interest expense, net   (128 )     (63 )     (58 )     (100 )     (161 )     (510 ) Other, net   21       8       9       19       (5 )     52   Total other income and (deductions)   (107 )     (55 )     (49 )     (81 )     (166 )     (458 ) Income (loss) before income taxes   367       280       331       251       (151 )     1,078   Income taxes   65       14       71       57       (37 )     170   Net income (loss) attributable to common shareholders $ 302     $ 266     $ 260     $ 194     $ (114 )   $ 908                           Change in net income (loss) from 2025 to 2026 $ 8     $ 12     $ 38     $ (25 )   $ (22 )   $ 11   __________ (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. Exelon Consolidated Balance Sheets (unaudited) (in millions)       March 31, 2026   December 31, 2025 Assets         Current assets         Cash and cash equivalents   $ 713     $ 626   Restricted cash and cash equivalents     560       525   Accounts receivable         Customer accounts receivable     3,636       3,732   Customer allowance for credit losses     (522 )     (435 ) Customer accounts receivable, net     3,114       3,297   Other accounts receivable     1,680       1,879   Other allowance for credit losses     (102 )     (94 ) Other accounts receivable, net     1,578       1,785   Inventories, net         Fossil fuel     35       88   Materials and supplies     811       780   Regulatory assets     1,373       1,359   Prepaid renewable energy credits     314       563   Other     504       523   Total current assets     9,002       9,546   Property, plant, and equipment, net     85,564       84,318   Deferred debits and other assets         Regulatory assets     9,322       9,214   Goodwill     6,630       6,630   Receivable related to Regulatory Agreement Units     4,830       4,755   Investments     317       312   Other     1,880       1,795   Total deferred debits and other assets     22,979       22,706   Total assets   $ 117,545     $ 116,570                 March 31, 2026   December 31, 2025 Liabilities and shareholders’ equity         Current liabilities         Short-term borrowings   $ 665     $ 612   Long-term debt due within one year     2,326       1,665   Accounts payable     3,119       3,721   Accrued expenses     1,203       1,582   Payables to affiliates     5       5   Customer deposits     565       533   Regulatory liabilities     910       1,128   Mark-to-market derivative liabilities     21       30   Unamortized energy contract liabilities     5       5   Renewable energy credit obligations     222       473   Other     547       577   Total current liabilities     9,588       10,331   Long-term debt     47,859       47,413   Long-term debt to financing trusts     390       390   Deferred credits and other liabilities         Deferred income taxes and unamortized investment tax credits     14,201       13,715   Regulatory liabilities     11,186       11,016   Pension obligations     1,426       1,749   Non-pension postretirement benefit obligations     558       546   Asset retirement obligations     321       321   Mark-to-market derivative liabilities     112       106   Unamortized energy contract liabilities     16       16   Other     2,573       2,169   Total deferred credits and other liabilities     30,393       29,638   Total liabilities     88,230       87,772   Commitments and contingencies         Shareholders’ equity         Common stock     22,129       22,106   Treasury stock, at cost     (123 )     (123 ) Retained earnings     8,065       7,577   Accumulated other comprehensive loss, net     (756 )     (762 ) Total shareholders’ equity     29,315       28,798   Total liabilities and shareholders’ equity   $ 117,545     $ 116,570     Exelon Consolidated Statements of Cash Flows (unaudited) (in millions)       Three Months Ended March 31,       2026       2025   Cash flows from operating activities         Net income   $ 919     $ 908   Adjustments to reconcile net income to net cash flows provided by operating activities:         Depreciation, amortization, and accretion     953       905   Loss on sales of assets     —       1   Deferred income taxes and amortization of investment tax credits     345       121   Net fair value changes related to derivatives     —       1   Other non-cash operating activities     222       344   Changes in assets and liabilities:         Accounts receivable     395       (402 ) Inventories     20       17   Accounts payable and accrued expenses     (632 )     (397 ) Collateral received, net     45       44   Income taxes     (144 )     59   Regulatory assets and liabilities, net     (329 )     86   Pension and non-pension postretirement benefit contributions     (346 )     (292 ) Other assets and liabilities     276       (195 ) Net cash flows provided by operating activities     1,724       1,200   Cash flows from investing activities         Capital expenditures     (2,358 )     (1,946 ) Other investing activities     2       4   Net cash flows used in investing activities     (2,356 )     (1,942 ) Cash flows from financing activities         Changes in short-term borrowings     (447 )     (775 ) Proceeds from short-term borrowings with maturities greater than 90 days     500       —   Issuance of long-term debt     1,120       2,425   Issuance of common stock     —       173   Dividends paid on common stock     (430 )     (403 ) Proceeds from employee stock plans     12       —   Other financing activities     (27 )     (35 ) Net cash flows provided by financing activities     728       1,385   Increase in cash, restricted cash, and cash equivalents     96       643   Cash, restricted cash, and cash equivalents at beginning of period     1,201       939   Cash, restricted cash, and cash equivalents at end of period   $ 1,297     $ 1,582     Exelon Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings Three Months Ended March 31, 2026 and 2025 (unaudited) (in millions, except per share data)     Exelon Earnings per Diluted Share   ComEd   PECO   BGE   PHI   Other (a)   Exelon 2025 GAAP net income (loss) $ 0.90     $ 302     $ 266     $ 260     $ 194     $ (114 )   $ 908   Change in FERC audit liability (net of taxes of $1)   —       2       —       —       —       —       2   Cost management charge (net of taxes of $0) (1)   —       —       —       —       —       (1 )     (1 ) Regulatory matters (net of taxes of $7) (2)   0.02       21       —       —       —       1       22   2025 Adjusted (non-GAAP) operating earnings (loss) $ 0.92     $ 325     $ 265     $ 260     $ 194     $ (112 )   $ 932                               Year over year effects on Adjusted (non-GAAP) operating earnings:                         Weather $ 0.01     $ —   (b) $ 12     $ —   (b) $ 3   (b) $ —     $ 15   Load   —       —   (b)   (2 )     —   (b)   —   (b)   —       (2 ) Distribution and transmission rates (3)   0.06       15   (c)   5   (c)   25   (c)   14   (c)   —       59   Other energy delivery (4)   0.05       17   (c)   13   (c)   14   (c)   10   (c)   —       54   Operating and maintenance expense (5)   (0.06 )     (32 )     (8 )     4       (21 )     —       (57 ) Depreciation and amortization expense (6)   (0.04 )     (17 )     (9 )     (7 )     (12 )     2       (43 ) Interest expense and other (7)   (0.03 )     2       2       2       (8 )     (26 )     (28 ) Total year over year effects on Adjusted (non-GAAP) operating earnings $ (0.01 )   $ (15 )   $ 13     $ 38     $ (14 )   $ (24 )   $ (2 )                             2026 GAAP net income (loss) $ 0.90     $ 310     $ 278     $ 298     $ 169     $ (136 )   $ 919   Regulatory matters (net of taxes of $4) (2)   0.01       —       —       —       11       —       11   2026 Adjusted (non-GAAP) operating earnings (loss) $ 0.91     $ 310     $ 278     $ 298     $ 180     $ (136 )   $ 930   Note: Amounts may not sum due to rounding. Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2026 and 2025 ranged from 24.0% to 29.0%.   (a) Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities. (b) For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes. (c) ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For transmission formula rates and various riders across the utilities, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure, and ROE (which impact net earnings). (1) Primarily represents severance and reorganization costs related to cost management. (2) Represents the disallowance of certain capitalized costs. (3) For ComEd, reflects higher distribution and transmission rate base. For BGE, reflects increased distribution revenue due to approved rates. For PHI, reflects increased distribution and transmission revenue due to approved rates. (4) For ComEd, reflects increased electric distribution, transmission, and energy efficiency revenues due to higher fully recoverable costs, offset by decreased electric distribution revenues due to timing of distribution earnings. For PECO, reflects the absence of electric surcharge credits to customers recognized in 2025. For PHI, reflects higher distribution and transmission revenues due to higher fully recoverable costs. (5) Represents Operating and maintenance expense. For ComEd, reflects increased storm costs and increased contracting costs. For PHI, reflects increased contracting costs and unfavorable impacts of the Pepco Maryland multi-year plan reconciliation. (6) Across all utilities, reflects ongoing capital expenditures and regulatory asset amortization. (7) For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, some of which is timing, partially offset by an increase in interest expense. For PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an increase in interest expense and an increase in income tax expense due to timing.   ComEd Statistics Three Months Ended March 31, 2026 and 2025     Electric Deliveries (in GWhs)   Revenue (in millions)   2026   2025   % Change   Weather - Normal % Change     2026       2025     % Change Electric Deliveries and Revenues(a)                           Residential 6,560     6,674     (1.7 )%   (0.6 )%   $ 1,024     $ 993     3.1 % Small commercial & industrial 7,318     7,359     (0.6 )%   — %     484       600     (19.3 )% Large commercial & industrial 6,962     7,003     (0.6 )%   (1.2 )%     120       296     (59.5 )% Public authorities & electric railroads 244     278     (12.2 )%   (9.1 )%     12       17     (29.4 )% Other(b) —   —   n/a     n/a       249     236     5.5 % Total electric revenues(c) 21,084     21,314     (1.1 )%   (0.7 )%     1,889       2,142     (11.8 )% Other Revenues(d)                   24       (77 )   (131.2 )% Total electric revenues                 $ 1,913     $ 2,065     (7.4 )% Purchased Power                 $ 451     $ 689     (34.5 )%               % Change Heating and Cooling Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,868     2,985     3,053     (3.9 )%   (6.1 )% Cooling Degree-Days 1   —   —   — %   — % Number of Electric Customers 2026   2025 Residential 3,779,277   3,735,234 Small commercial & industrial 398,024   396,639 Large commercial & industrial 1,992   2,473 Public authorities & electric railroads 5,801   5,787 Total 4,185,094   4,140,133 __________ (a) Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $11 million and $8 million for the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges.   PECO Statistics Three Months Ended March 31, 2026 and 2025     Electric and Natural Gas Deliveries   Revenue (in millions)   2026   2025   % Change   Weather- Normal % Change     2026       2025     % Change Electric (in GWhs)                           Electric Deliveries and Revenues(a)                           Residential 3,952     3,859     2.4 %   0.1 %   $ 725     $ 631     14.9 % Small commercial & industrial 2,010     1,946     3.3 %   1.0 %     172       162     6.2 % Large commercial & industrial 3,132     3,425     (8.6 )%   (10.0 )%     87       84     3.6 % Public authorities & electric railroads 176     189     (6.9 )%   (7.0 )%     8       8     — % Other(b) —     —   n/a     n/a       77     76     1.3 % Total electric revenues(c) 9,270     9,419     (1.6 )%   (3.5 )%     1,069       961     11.2 % Other Revenues(d)                   13       (5 )   (360.0 )% Total electric revenues                   1,082       956     13.2 % Natural Gas (in mmcfs)                           Natural Gas Deliveries and Revenues(e)                           Residential 22,436     21,834     2.8 %   (0.9 )%     286       267     7.1 % Small commercial & industrial 11,351     10,405     9.1 %   6.2 %     96       86     11.6 % Large commercial & industrial (10 )   12     (183.3 )%   (20.0 )%     —       —     n/a   Transportation 7,142     7,242     (1.4 )%   (2.2 )%     20       13     53.8 % Other(f) —     —     n/a     n/a       7       10     (30.0 )% Total natural gas revenues(g) 40,919     39,493     3.6 %   0.7 %     409       376     8.8 % Other Revenues(d)                   1       1     — % Total natural gas revenues                   410       377     8.8 % Total electric and natural gas revenues           $ 1,492     $ 1,333     11.9 % Purchased Power and Fuel                 $ 612     $ 502     21.9 %               % Change Heating and Cooling Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,399     2,351     2,359     2.0 %   1.7 % Cooling Degree-Days 10   1   1   900.0 %   900.0 % Number of Electric Customers 2026   2025   Number of Natural Gas Customers 2026   2025 Residential 1,544,881   1,540,453   Residential 511,085   509,773 Small commercial & industrial 154,634   155,131   Small commercial & industrial 44,642   44,869 Large commercial & industrial 3,149   3,151   Large commercial & industrial 7   7 Public authorities & electric railroads 10,108   10,703   Transportation 606   623 Total 1,712,772   1,709,438   Total 556,340   555,272 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $4 million and $2 million for the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling less than $1 million and $1 million for the three months ended March 31, 2026 and 2025, respectively.   BGE Statistics Three Months Ended March 31, 2026 and 2025     Electric and Natural Gas Deliveries   Revenue (in millions)   2026   2025   % Change   Weather- Normal % Change     2026       2025     % Change Electric (in GWhs)                           Electric Deliveries and Revenues(a)                           Residential 3,788     3,669     3.2 %   (3.6 )%   $ 818     $ 648     26.2 % Small commercial & industrial 729     730     (0.1 )%   (4.2 )%     130       109     19.3 % Large commercial & industrial 3,212     3,145     2.1 %   (1.0 )%     180       144     25.0 % Public authorities & electric railroads 48     48     — %   (2.1 )%     8       8     — % Other(b) —   —   n/a     n/a       117       113     3.5 % Total electric revenues(c) 7,777     7,592     2.4 %   (2.6 )%     1,253       1,022     22.6 % Other Revenues(d)                   (8 )     (10 )   (20.0 )% Total electric revenues                   1,245       1,012     23.0 % Natural Gas (in mmcfs)                           Natural Gas Deliveries and Revenues(e)                           Residential 21,298     20,871     2.0 %   (0.7 )%     401       378     6.1 % Small commercial & industrial 4,790     4,568     4.9 %   3.4 %     63       63     — % Large commercial & industrial 14,450     14,378     0.5 %   (2.0 )%     93       96     (3.1 )% Other(f) 3,515     3,845     (8.6 )%   n/a       31       24     29.2 % Total natural gas revenues(g) 44,053     43,662     0.9 %   (0.7 )%     588       561     4.8 % Other Revenues(d)                   (5 )     (19 )   (73.7 )% Total natural gas revenues                   583       542     7.6 % Total electric and natural gas revenues           $ 1,828     $ 1,554     17.6 % Purchased Power and Fuel                 $ 808     $ 609     32.7 %               % Change Heating and Cooling Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,444     2,303     2,332     6.1 %   4.8 % Cooling Degree-Days 14   —   3   — %   366.7 % Number of Electric Customers 2026   2025   Number of Natural Gas Customers 2026   2025 Residential 1,226,941   1,220,769   Residential 663,324   661,195 Small commercial & industrial 115,253   115,359   Small commercial & industrial 37,735   37,945 Large commercial & industrial 13,372   13,302   Large commercial & industrial 6,421   6,380 Public authorities & electric railroads 251   258           Total 1,355,817   1,349,688   Total 707,480   705,520 __________ (a) Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million and $1 million for the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales. (g) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively.   Pepco Statistics Three Months Ended March 31, 2026 and 2025                               Electric Deliveries (in GWhs)   Revenue (in millions)   2026   2025   % Change   Weather- Normal % Change     2026       2025     % Change Electric Deliveries and Revenues(a)                           Residential 2,359     2,336     1.0 %   (4.5 )%   $ 507     $ 424     19.6 % Small commercial & industrial 294     300     (2.0 )%   (4.6 )%     54       51     5.9 % Large commercial & industrial 3,301     3,338     (1.1 )%   (2.8 )%     321       289     11.1 % Public authorities & electric railroads 174     160     8.8 %   7.8 %     10       8     25.0 % Other(b) —   —   n/a     n/a       93     86   8.1 % Total electric revenues(c) 6,128     6,134     (0.1 )%   (3.3 )%     985       858     14.8 % Other Revenues(d)                   4       1     300.0 % Total electric revenues                 $ 989     $ 859     15.1 % Purchased Power                 $ 411     $ 318     29.2 %               % Change Heating and Cooling Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,187   1,987   2,036   10.1 %   7.4 % Cooling Degree-Days 16   25   5   (36.0 )%   220.0 % Number of Electric Customers 2026   2025 Residential 887,650   882,043 Small commercial & industrial 54,225   54,071 Large commercial & industrial 23,163   23,079 Public authorities & electric railroads 209   205 Total 965,247   959,398 __________ (a) Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charge revenues.   DPL Statistics Three Months Ended March 31, 2026 and 2025     Electric and Natural Gas Deliveries   Revenue (in millions)   2026   2025   % Change   Weather - Normal % Change     2026       2025     % Change Electric (in GWhs)                           Electric Deliveries and Revenues(a)                           Residential 1,709     1,645     3.9 %   1.3 %   $ 331     $ 298     11.1 % Small commercial & industrial 608     586     3.8 %   2.4 %     69       64     7.8 % Large commercial & industrial 929     939     (1.1 )%   (1.6 )%     30       28     7.1 % Public authorities & electric railroads 9     9     — %   (1.8 )%     4       4     — % Other(b) —   —   n/a     n/a       77       71     8.5 % Total electric revenues(c) 3,255     3,179     2.4 %   0.6 %     511       465     9.9 % Other Revenues(d)                   (5 )     (5 )   — % Total electric revenues                   506       460     10.0 % Natural Gas (in mmcfs)                           Natural Gas Deliveries and Revenues(e)                           Residential 4,678     4,590     1.9 %   (2.3 )%     74       56     32.1 % Small commercial & industrial 2,128     1,970     8.0 %   3.0 %     29       21     38.1 % Large commercial & industrial 429     428     0.2 %   0.2 %     4       3     33.3 % Transportation 2,027     2,106     (3.8 )%   (6.1 )%     5       5     — % Other(f) —     —     n/a     n/a       4       3     33.3 % Total natural gas revenues 9,262     9,094     1.8 %   (1.9 )%     116       88     31.8 % Other Revenues(d)                   —       —     n/a   Total natural gas revenues                   116       88     31.8 % Total electric and natural gas revenues           $ 622     $ 548     13.5 % Purchased Power and Fuel                 $ 289     $ 247     17.0 % Electric Service Territory             % Change Heating and Cooling Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,443   2,354   2,323   3.8 %   5.2 % Cooling Degree-Days 9   10   2   (10.0 )%   350.0 % Natural Gas Service Territory             % Change Heating Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,531   2,399   2,449   5.5 %   3.3 % Number of Electric Customers 2026   2025   Number of Natural Gas Customers 2026   2025 Residential 496,074   491,907   Residential 132,419   131,716 Small commercial & industrial 65,604   64,999   Small commercial & industrial 10,285   10,254 Large commercial & industrial 1,288   1,251   Large commercial & industrial 14   15 Public authorities & electric railroads 628   617   Transportation 159   161 Total 563,594   558,774   Total 142,877   142,146 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $2 million for both the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs and late payment charges. (e) Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas. (f) Includes revenues primarily from off-system sales.   ACE Statistics Three Months Ended March 31, 2026 and 2025     Electric Deliveries (in GWhs)   Revenue (in millions)   2026   2025   % Change   Weather - Normal % Change     2026       2025     % Change Electric Deliveries and Revenues(a)                           Residential 955     902     5.9 %   3.7 %   $ 258     $ 196     31.6 % Small commercial & industrial 405     390     3.8 %   3.0 %     68       54     25.9 % Large commercial & industrial 688     713     (3.5 )%   (3.5 )%     44       50     (12.0 )% Public authorities & electric railroads 12     13     (7.7 )%   (8.3 )%     5       5     — % Other(b) —   —   n/a     n/a       64       68     (5.9 )% Total electric revenues(c) 2,060     2,018     2.1 %   0.9 %     439       373     17.7 % Other Revenues(d)                   (18 )     —   n/a   Total electric revenues                 $ 421     $ 373     12.9 % Purchased Power                 $ 205     $ 157     30.6 %               % Change Heating and Cooling Degree-Days 2026   2025   Normal   From 2025   From Normal Heating Degree-Days 2,543   2,408   2,386   5.6 %   6.6 % Cooling Degree-Days 3   —   1   — %   200.0 % Number of Electric Customers   2026   2025 Residential   510,569   508,354 Small commercial & industrial   63,174   62,861 Large commercial & industrial   2,660   2,824 Public authorities & electric railroads   756   723 Total   577,159   574,762 __________ (a) Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission. (b) Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue. (c) Includes operating revenues from affiliates totaling $1 million for both the three months ended March 31, 2026 and 2025, respectively. (d) Includes alternative revenue programs.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260506121198/en/ Khanya Brann
Corporate Communications
301-535-3292 Ryan Brown
Investor Relations
779-231-0017 Original: Exelon Reports First Quarter 2026 Results

ComEd Program Helps Over 100,000 Northern Illinois Small Businesses Cut Costs and Save EnergyMay 4, 2026 11:45 AM
Business Wire
ComEd’s Small Business Offering has helped businesses save $262.8 million in annual energy costs, while receiving $607 million in system upgrade incentives


In support of small-business owners challenged by rising operational costs, ComEd is celebrating an important milestone: More than 100,000 small businesses across northern Illinois have participated in free facility assessments that identify opportunities to save both money and energy.


In recognition of National Small Business Week, May 3-9, ComEd joined small-business owners and local elected officials to call attention to the small-business offering available through the ComEd Energy Efficiency (EE) Program. Through these offerings, which include facility assessments and incentives to offset the cost of energy-efficiency improvements, businesses have saved an average of $262.8 million in annual energy costs while receiving $607 million in incentives.


“ComEd recognizes that small businesses are the engines of every local economy,” said Gil Quiniones, ComEd President and CEO. “By providing programs that help manage energy use and energy costs, we are offering small-business owners opportunities to redirect more of their profits toward their employees and the neighborhoods in which they operate.”


Since 2015, both small businesses and public-sector customers have saved 2.2 billion kilowatt-hours (kWh) of energy, which helps avoid nearly 1.7 billion pounds of carbon emissions that lead to climate change. This is the environmental equivalent of planting more than 750,000 acres of trees or removing 176,000 cars from the road for one year. Qualifying small-business and public sector customers include restaurants, grocery stores, churches, public libraries and police and fire stations with less than 500 kilowatts of peak energy demand. A full list of qualifying small businesses and the EE offerings available to them can be found at ComEd.com/SmallBiz.


“Congratulations to ComEd on reaching this remarkable milestone of supporting over 100,000 small businesses across northern Illinois,” said Illinois State Representative Theresa Mah. “This achievement not only highlights ComEd’s ongoing commitment to sustainability and energy efficiency but also underscores the vital role small businesses play in our communities. Support for small businesses is more important than ever. Programs like ComEd’s provide essential resources that help entrepreneurs and local businesses reduce costs, increase resilience, and continue serving as engines of economic growth and opportunity throughout the region.”


“ComEd’s free facility assessments have been an essential resource for helping small businesses across northern Illinois, especially in the Pilsen community, pinpoint ways to not only reduce energy usage but also save money and mitigate harmful environmental impacts,” added Illinois State Senator Celina Villanueva. “I’m proud to stand with ComEd as they celebrate this milestone, and I will continue supporting energy initiatives that place affordability for businesses, families and whole communities at the forefront.”


Small businesses face financial pressures that are fundamentally different from households and large corporations. Many small-business owners require more immediate cash relief to offset thinner profit margins and limited financial reserves. Reliable reductions in energy costs help small businesses better plan for future expansion in resources and staff.


“Energy efficiency is the fastest, most cost-effective way to reduce emissions and lower energy bills, and ComEd’s programs have proven that investing in efficiency delivers real, measurable benefits for Illinois businesses and communities” said Brian Imus, Executive Director with Illinois Green Alliance. “Just as exciting, these programs are building the foundation for Illinois’ clean energy economy by creating demand for local contractors, supporting workforce development, and making it easier for businesses to invest in high-performance buildings”


While the benefits of the ComEd EE Program are felt across northern Illinois, Chicago’s Pilsen community has seen significant participation, with nearly 400 businesses participating in EE upgrades since 2015. These businesses have received $3.6 million in incentives, over $1.6 million in annual cost savings, and saved 14 million kWh of energy. These energy savings are the environmental equivalent of planting 4,900 acres of trees or taking 1,156 cars off the road for a year.


“Pilsen’s business community is resilient, innovative, and deeply committed to our neighborhood’s future,” said Javier Yanez, executive director & co-founder, Pilsen Chamber of Commerce. “The energy savings and incentives provided through ComEd’s program give our local businesses real financial relief, allowing them to reinvest in their storefronts, their employees, and the cultural vibrancy that makes Pilsen unique.”


The Tonk BBQ, an 18-year-old restaurant located along the 18th Street business corridor in Chicago’s Pilsen neighborhood, is one of the businesses that have taken advantage of ComEd’s Small Business offerings. In 2025, The Tonk underwent a facility assessment that recommended the installation of new LED fixtures and improvements to its walk-in cooler and freezer.


“I encourage all Chicago businesses to take advantage of the ComEd EE Program,” said Beth Wagner, owner, The Tonk BBQ. “Whether you are concerned about your ComEd monthly bill costs or the long-term effects energy use has on the environment, this assessment of how your business uses electricity is a win-win. The improvements our ComEd representative suggested were easy to install, and we saw immediate and noticeable savings on our monthly energy bills. Thank you ComEd for providing savings that helped us keep our utilities affordable so we could concentrate on our small business, our customers and our community.”


ComEd’s small-business offerings are part of the award-winning ComEd Energy Efficiency Program. Since 2008, this program has helped hundreds of thousands of customers save more than $13 billion on their energy bills, along with 112 billion kWh of electricity. The program has also helped avoid nearly 84 billion pounds of carbon emissions that contribute to climate change, which is the equivalent of removing 9 million cars from the road for one year or planting more than 38 million acres of trees. For information on all the energy-efficiency offerings ComEd has for families and businesses, visit ComEd.com/EnergySavings.


ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504790845/en/
ComEd Media Relations

312-394-3500


Original: ComEd Program Helps Over 100,000 Northern Illinois Small Businesses Cut Costs and Save Energy

ComEd Reconciliation Filing to Match Cost with Revenues for 2025 and Would Lead to Lower Monthly Bills for CustomersMay 1, 2026 5:16 PM
Business Wire
Proposals to ICC would help to lower monthly customer bills in 2027


ComEd has initiated the annual reconciliation process, which matches actual costs of service with revenues. For 2025, ComEd is submitting two reconciliation filings with the Illinois Commerce Commission (ICC), which if approved would lead to a net decrease in charges on 2027 bills relative to this year’s charges.


The first, a revenue reconciliation filed March 20, compares revenues billed last year and the amount approved in ComEd’s current Multi-year Rate Plan. That filing is expected to result in refunds for most residential customers. The second filing, a cost reconciliation submitted today, reflects a true-up of actual 2025 costs associated with customer programs, grid maintenance, and electric service delivery.


“Reconciliation proceedings are a valuable means for ensuring that electricity rates are reasonable and aligned with prudently incurred costs,” said Gil Quiniones, president and CEO, ComEd. “Sometimes this process leads to a credit for customers and sometimes it results in a charge, but it always reflects our commitment to transparency, efficiency and delivering value to the communities we serve.”


If approved by the ICC, the revenue reconciliation filed in March will return $128 million to customers for excess revenues billed during the 2025 service year, reducing the average monthly residential customer bill by $1.09. The refund is driven by higher electricity usage due to weather or load among residential and business customers – not higher rates – and reflects a record stretch of 90-degree-plus days last summer.


In the cost reconciliation filed today, ComEd seeks recovery of $234.3 million in prudently incurred costs associated with operating the grid, supporting customer-driven projects, and implementing state-mandated programs such as beneficial electrification. If approved, the cost reconciliation will decrease charges on the average monthly residential customer bills relative to 2026 by about $.13. When combined with the revenue reconciliation, residential customers would see a total decrease in charges on the average monthly bill of $1.22 from January through December 2027.


ComEd’s annual cost reconciliation is governed by the prior multi-year grid plan that established its current rate structure and is separate from the multi-year grid plan filed in January covering its planned investments for 2028-2031. The reconciliations provide an opportunity to update customers, stakeholders, and elected officials on the latest actions by ComEd to operate responsibly and to keep customer bills as low as possible.


ComEd’s 4.2 million customers are feeling the strain of higher everyday costs, including on their energy bills. While ComEd does not own power plants or control wholesale energy prices, recent PJM capacity auctions are driving higher capacity charges. As a result, beginning June 1, the average residential customer will see an increase of about $2 to $3 per month related to capacity.


Last year’s PJM capacity auction reflects the growing imbalance between supply and demand in the energy market, which results in higher capacity charges passed along to customers. ComEd is actively working with the state of Illinois, PJM, and all other stakeholders to bring long-term solutions to help reduce cost pressures while continuing to deliver safe, reliable power at the lowest possible cost for customers.


In its 2025 annual report of electricity rates for utilities in the top 20 metropolitan areas, the Edison Electric Institute showed ComEd’s rates to be 1.1% below the average of 20.26 cents per kWh.


ComEd has helped families and businesses across northern Illinois save a total of $13 billion on their energy bills through its award-winning ComEd Energy Efficiency Program. It has also introduced other initiatives to help keep customer bills as low as possible, including:



the Low-Income Discount (LID) program, which offers qualifying income-eligible ComEd customers percentage-based discounts on their electric bills based on income level up to 300% of the federal poverty level. These discounts are intended to reduce energy costs to 3% to 6% of total household income.



the ComEd Delivery Time-of-Day pricing rate, which helps households save money by shifting energy use to times when electricity prices are lower and demand is reduced.



the $10 million Customer Relief Fund, which provided bill relief last year to more than 30,000 ComEd customers. Later this year, ComEd plans an extension of the program, which is launched in collaboration with its parent company, Exelon.



ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 million electricity and natural gas customers. ComEd powers the lives of more than 4.2 million customers across northern Illinois, or 70 percent of the state’s population. For more information, visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260501000541/en/
ComEd Media Relations

312-394-3500


Original: ComEd Reconciliation Filing to Match Cost with Revenues for 2025 and Would Lead to Lower Monthly Bills for Customers

Exelon Commends FERC for Order Extending PJM Price Collar, Continuing Cost-Saving Measure for CustomersApril 29, 2026 7:16 PM
Business Wire
Exelon commends an order issued on April 28th by the Federal Energy Regulatory Commission (FERC) that extends the current capacity price collar in PJM. As a part of the recently launched Exelon Promise, the public utility company has been advocating for policy reforms, like the extension of PJM’s capacity price collar, as an essential component of managing energy affordability challenges customers are navigating as efforts to plan for the current and future reliability of the PJM regional electric grid advance.


With the order, the price collar will now cover the period between June 2028 – May 2030 – during this time, Exelon expects that this extended collar will save customers in the PJM region tens of billions of dollars, providing immediate relief while stakeholders continue to collaborate on long-term solutions for energy affordability, reliability and supply challenges facing PJM.


“Exelon shares frustration over high energy supply costs, which is why advocating for reforms like extending the PJM capacity price collar is a key part of The Exelon Promise initiative to keep bills as low as possible,” said Colette Honorable, Executive Vice President, Chief Legal Officer, Compliance and Corporate Secretary at Exelon. “Despite PJM anticipating electricity demand to grow by more than 30 GW by 2030, new supply resources are not materializing at a pace needed to ensure reliability and affordability. The price cap helps protect customers and make sure they are not on the hook while the region is waiting for supply to catch up.”


The Exelon Promise is the public utility company’s all-of-the-above initiative to address the root causes of rising energy costs and ensure our communities have access to the power they need for decades to come. Solutions include a combination of Exelon’s $60 million Customer Relief Fund, award-winning energy efficiency programs, negotiating innovative agreements with large load customers like data centers to protect other customers, and policy reforms such as utility-generated power.


About Exelon


Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon’s more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429074903/en/
Christopher.ford2@exeloncorp.com


Original: Exelon Commends FERC for Order Extending PJM Price Collar, Continuing Cost-Saving Measure for Customers

Exelon Corporation Declares DividendApril 28, 2026 4:34 PM
Business Wire
The Board of Directors of Exelon Corporation declared a regular quarterly dividend of $0.42 per share on Exelon’s common stock. The dividend is payable on Monday, June 15, 2026, to Exelon’s shareholders of record as of the close of business on Thursday, June 4, 2026.


About Exelon


Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon’s more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428587882/en/
Ryan Brown

Investor Relations

InvestorRelations@exeloncorp.com


Khanya Brann

External Communications

Khanya.Brann@exeloncorp.com


Original: Exelon Corporation Declares Dividend

ComEd Customers Save $13 Billion in Energy Costs Through Award-Winning Energy Efficiency ProgramApril 23, 2026 12:01 PM
Business Wire
Participating customers also received more than $2.5 billion in incentives to help offset the cost of energy-efficiency improvements


As pressure on energy costs continues to rise, ComEd helped families and businesses across northern Illinois save a total of $13 billion on their energy bills through its award-winning ComEd Energy Efficiency Program. The program, one of the largest in the nation, offers a range of services and incentives to help customers manage energy use and lower energy costs, while helping the environment.


Since 2008, ComEd customers who participated in the energy-efficiency program also received more than $2.5 billion in incentives, which help offset the cost of energy-efficiency improvements.


“ComEd recognizes that rising energy costs impact many of the 9 million people we’re privileged to serve in northern Illinois,” said Ajit Apte, Senior Vice President of Customer Operations at ComEd. “This milestone reflects our commitment to offering new and expanded solutions that empower customers to switch to energy-saving technologies to reduce their energy bills. These solutions are designed to help reduce energy usage during peak summer season and year-round.”


The ComEd Energy Efficiency Program has also helped customers conserve nearly 112 million megawatt-hours of electricity, resulting in the prevention of nearly 84 billion pounds of carbon emissions that contribute to climate change. This is the environmental equivalent of planting 38 million acres of trees or removing nearly 9 million cars from the road for one year.


ComEd’s energy-efficiency program also has offerings to support income-eligible customers, many of whom live in older homes that use more energy. This includes free weatherization upgrades for qualified customers who sign up for a free home energy assessment, and free energy saving kits distributed through Community Action Agencies.


The energy-efficiency industry also contributes to the economy. Illinois recorded nearly 90,000 jobs in the energy efficiency sector in 2024. The most recent year numbers were reported by Clean Jobs Midwest. These jobs, which comprise about two-thirds of Illinois’ clean energy sector, include manufacturing of ENERGY STAR-rated appliances; installation of efficient lighting; connecting heat pumps and other highly efficient heating, ventilation, and air conditioning systems; and the construction of homes and commercial buildings using advanced materials like low-carbon concrete.


“Reaching $13 billion in customer savings is a major achievement for ComEd and for the region. It reflects years of sustained investment in energy efficiency that’s lowering costs and reducing emissions for customers,” said Paige Knutsen, executive director of the Midwest Energy Efficiency Alliance. “Just as important, these programs are creating demand for skilled workers across Illinois and building the workforce needed to deliver savings at scale. Continued investment in efficiency means more affordability today and a stronger energy future for our communities.”


The ComEd Energy Efficiency Program is one of several options that the energy company offers to help address rising energy supply costs — driven by increasingly extreme temperatures and supply-demand imbalances which account for nearly half of customers' energy bills — that continue to impact families and businesses. ComEd does not set supply prices, which are passed on without profit to ComEd.


ComEd’s energy efficiency programs reflect the energy company’s dedication to The Exelon Promise. This customer-focused strategy from parent company Exelon aims to provide quick relief, strong protections and lasting solutions to rising energy costs. This includes:



the January launch of the Low-Income Discount (LID) program, which offers qualifying income-eligible ComEd customers percentage-based discounts on their electric bills based on income level up to 300% of the federal poverty level. These discounts are intended to reduce energy costs to 3% to 6% of total household income.



the January launch of ComEd’s Delivery Time-of-Day pricing rate, which helps households save money by shifting energy use to times when electricity prices are lower and demand is reduced.



last year’s launch of the $10 million Customer Relief Fund, which provided bill relief to more than 30,000 ComEd customers. Later this year, ComEd plans an extension of the program, which is launched in collaboration with its parent company, Exelon.



ongoing support for legislation that resulted in customers receiving bill credits of over $803 million — or approximately $13 a month depending on usage — over each of the first five months of this year.



ComEd residential customers can find energy efficiency services, incentives, and rebates at ComEd.com/HomeSavings, while business offerings are listed at ComEd.com/BizSavings.


To help customers sort through the full range of energy-efficiency and bill-assistance programs, ComEd offers its Smart Assistance Manager at ComEd.com/SAM. This online resource asks customers a few questions, then sorts through all the options ComEd has available to recommend personalized options. SAM will also provide links for more information and to apply.


ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423838451/en/
ComEd Media Relations

312-394-3500


Original: ComEd Customers Save $13 Billion in Energy Costs Through Award-Winning Energy Efficiency Program

PECO Announces Transition of President and CEO David Vahos to Special Advisor to Exelon’s President and CEOApril 21, 2026 12:21 PM
Business Wire
Mike Innocenzo, Exelon Chief Operating Officer to Step in as Interim President and CEO of PECO while Retaining Current Responsibilities


PECO, an Exelon company, today announced that PECO President and CEO David Vahos will transition to the role of Special Advisor to Exelon President and CEO, Calvin Butler. Mike Innocenzo, Exelon's chief operating officer, will immediately step in as interim President and CEO of PECO while retaining his current responsibilities. Innocenzo served previously as President and CEO of PECO from 2018-2024.


Innocenzo’s service to Exelon is extensive. Prior to his current role and serving as President and CEO of PECO, he was the senior vice president and chief operating officer of PECO, where he was responsible for leadership of the utility’s overall performance associated with operations, safety, service reliability, customer satisfaction and financial management. Previous roles with the company include vice president, Distribution System Operations and Advanced Grid and Meter Technology, director of Gas Operations, Quality Services and Performance Improvement, and regional director in Chester, Delaware and Philadelphia counties, as well as a regional engineering manager for Chester and Delaware counties. Innocenzo also was the emergency services supervisor in Philadelphia and a project engineer in Philadelphia and Montgomery counties.


"I am honored to once again lead PECO, as we stay relentlessly focused on operational excellence and advocating for affordable energy for our customers,” said Innocenzo. “I want to thank Dave Vahos for his continued commitment to our customers, communities and employees, and for his leadership of the energy transformation.”


Innocenzo is a board member and immediate past chair of The Chamber of Commerce for Greater Philadelphia. He has received numerous awards and accolades for his commitment to community and equity, including The POWER of Professional Women Advocate Award, Philadelphia Citizen’s Lewis Katz Corporate Citizen of the Year, and was named Most Admired CEO by Philadelphia Business Journal, among other honors. He also serves on the boards of the Philadelphia Police Athletic League (PAL), the Franklin Institute, the American Gas Association, and the Electric Power Research Institute, where he serves as second chair. He is also a member of the Satell Institute and has advisory roles with Drexel University and Children's Hospital of Philadelphia.


Innocenzo holds a bachelor’s degree in electrical engineering from Widener University and an MBA from Villanova University.?

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421862863/en/
Greg Smore

215-841-5555 - Media Hotline

greg.smore@exeloncorp.com


Original: PECO Announces Transition of President and CEO David Vahos to Special Advisor to Exelon’s President and CEO

ComEd, Chicago Park District Offer Illinois Residents Opportunity to Switch On Buckingham Fountain for SummerApril 6, 2026 12:43 PM
Business Wire
Sweepstakes open until April 17 to be selected to turn on historic Chicago landmark at the 12th annual Switch on Summer festival


ComEd and the Chicago Park District invite everyone to welcome in the summer season at the 12th annual Switch on Summer festival on Saturday, May 9 at the site of Chicago’s historic Buckingham Fountain in Grant Park. As part of the event, one lucky Illinois resident will have the chance to switch on the jets that turn on the iconic fountain.


This free, family-friendly event runs from 11:30 a.m. to 1 p.m., and includes preview performances of the Park District’s 14th annual Night Out in the Parks summer event lineup. This year’s featured entertainment includes artistic performances from local groups representing a variety of cultures. Attendees will also have onsite access to ComEd customer resources and information on bill assistance programs, energy efficiency offerings, home energy saving tips and more.


Ahead of the event, Illinois residents are invited to enter a sweepstakes for the chance to be selected to switch on Buckingham Fountain at the event. All entries must be submitted by 11:59 p.m. CT Friday, April 17. To be selected to flip the switch, correctly answer two energy trivia questions and submit the form. Click here to enter the sweepstakes.


“When water is flowing through Buckingham Fountain it means summer is returning to Chicago,” said Gil Quiniones, ComEd President and CEO. “Switch on Summer brings people together to celebrate the season at one of the city’s most iconic attractions, while also connecting ComEd customers with programs and support that can help them save on their electric bill."


Grant Park’s Buckingham Fountain is a coveted local landmark and major tourist attraction, welcoming millions of visitors every year as the scenic backdrop for summertime events and activities along Chicago’s lakefront.


“As the premier start-of-summer event, Switch on Summer has welcomed visitors for a dozen years to get a first look at the outdoor entertainment Chicago’s parks will have to offer the public citywide,” said Chicago Park District General Superintendent and CEO, Carlos Ramirez-Rosa. “We’re excited to partner with ComEd once more to turn on our historic Buckingham Fountain for the 99th season, and to see it in all its glory as the backdrop to all of Chicago’s summer events.”


The Park District’s Night Out in the Parks makes summer in Chicago even more special with its series of free events for people of all ages and abilities. These weekly events celebrate Chicago’s vibrant cultures and support local performing arts professionals, bringing world-class entertainment such as dance performances, theater productions, outdoor movies and more to all 77 Chicago community areas in 250 parks throughout the city.


For the latest Switch on Summer updates, visit ComEd.com/SwitchOnSummer.


About ComEd

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.7 million electricity and natural gas customers. ComEd powers the lives of more than 4.2 million customers across northern Illinois, or 70 percent of the state’s population. For more information, visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X and YouTube.


About Chicago Park District

The Chicago Park District is a Gold Medal Award winner, recognized for excellence in park and recreation management across the nation. For more information about the Chicago Park District’s more than 8,800 acres of parkland, more than 600 parks, 26 miles of lakefront, 11 museums, two world-class conservatories, 16 historic lagoons, nearly 50 nature areas, thousands of special events, sports and entertaining programs, please visit www.chicagoparkdistrict.com or contact the Chicago Park District at 312/742.PLAY. Follow us @ChicagoParks & @ChicagoParkDistrict on social media. Want to share your talent? Volunteer in the parks by calling, 312/742.PLAY.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406796775/en/
ComEd

Media Relations

312-394-3500


Chicago Park District

Communications Department

312-742-4798


Original: ComEd, Chicago Park District Offer Illinois Residents Opportunity to Switch On Buckingham Fountain for Summer

ComEd Urges Customers to Act Now and Use Assistance and Energy Management Programs to Manage Bill CostsApril 2, 2026 11:30 AM
Business Wire
More than $108 million in financial assistance and other support options secured by customers in 2025; with similar support available now


Following one of the coldest winters on record in northern Illinois – with the National Weather Service reporting daily average temperatures below normal for approximately 55% of the season -- ComEd reminds customers that it has bill-assistance programs available to help manage energy costs.


Through a combination of ComEd-supported and federal and state programs, along with energy saving tips and programs, families and businesses can access support options to help manage rising energy costs and maintain essential service at ComEd.com/BillSupport.


“Knowing that many of our customers feel the strain of higher energy bills following a long, cold winter, our immediate priority is to help customers understand what assistance is available right now and how to access it,” said Ajit Apte, Senior Vice President of Customer Operations at ComEd. “In addition to connecting customers with grants, payment options and information that can provide meaningful relief, we continue working with policymakers and partners on long-term solutions to keep costs down.”


ComEd’s bill-support options are available year-round to help address rising energy supply costs – driven by increasingly extreme temperatures and supply-demand imbalances which account for nearly half of customers' energy bills – that continue to impact families and businesses. ComEd does not set supply prices, which are passed on without profit to ComEd.


In 2025, ComEd helped connect more than 220,000 customers to over $108 million in financial assistance and relief programs. This included the $10 million Customer Relief Fund, which provided bill relief to more than 30,000 ComEd customers. Later this year, ComEd plans an extension of the program, which is launched in collaboration with its parent company, Exelon. To help reduce future bill costs for residential, business and public-sector customers, the ComEd Energy Efficiency Program offers tools, services and discounts to help manage energy use. Since 2008, this award-winning program, one of the largest in the nation, has helped all customers save a total of $12 billion on energy bills. Using the ComEd Smart Assistance Manager (SAM), residential customers can be matched with these and other support options that best meet their needs.


ComEd bill-assistance options


Among ComEd’s bill-support options available to customers are:



The Low-Income Home Energy Assistance Program (LIHEAP), which provides a one-time grant, per program year, with no payback required, while funding remains available. To be eligible, household incomes cannot exceed 200 percent of the federal poverty income guidelines which, for a family of four, is $5,200 a month or $62,400 a year.



ComEd’s Low-Income Discount (LID) program, which offers qualifying income-eligible customers percentage-based discounts on their electric bills based on income level up to 300% of the federal poverty level. These discounts build on LIHEAP and are intended to reduce energy costs to 3% to 6% of total household income.



ComEd’s Supplemental Arrearage Reduction (SARP), which is available to ComEd residential customers who qualify to receive LIHEAP energy-assistance benefits, provides stabilized monthly billing through Budget Billing and lowers a customer’s account balance through arrearage reduction credits.



Catch Up and Save is a two-part program that provides monthly credits to an eligible customer’s bill to eliminate past-due balances through SARP enrollment, as well as a free energy savings kit – while supplies last – to help families save on future energy bills. Each kit includes home products designed to help lower home energy use while improving the efficiency of the home.



Deposit and late-payment charge waivers for one year to income-eligible customers, along with the return of any current deposit.



Payment arrangements of up to 12 months for eligible residential customers with past-due balances. Make a down payment on the amount owed and pay the rest through installment payment in addition to your regular monthly bill.



High-usage alerts, which enable customers to receive alerts when their usage is trending higher than normal to help manage overall energy use, and energy-management tips to help customers manage energy use to save money now and on future energy bills.



Peak Time Savings offers residential customers the opportunity to earn bill credits for reducing energy use during peak usage times. There is no cost to enroll and no penalty for enrolling and not participating.



Energy-efficiency offerings, including award-winning services and incentives designed to help families and businesses reduce energy use now and in the long term.



ComEd’s platform of bill-assistance options support its commitment of The Exelon Promise – a comprehensive, customer-first strategy from parent company Exelon focused on delivering immediate customer relief, strong protections amid growing demand, and long-term solutions to address the root causes driving higher costs. This includes the recent introduction of LID and ComEd’s Delivery Time-of-Day pricing rate in January, the latter of which enables households to save money by shifting their energy usage to times when electricity prices are lower and demand is reduced. This also includes support for legislation that resulted in customers receiving bill credits of over $803 million – or approximately $13 a month depending on usage – over each of the first five months of this year.


ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities -- Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260402914537/en/
ComEd Media Relations

312-394-3500


Original: ComEd Urges Customers to Act Now and Use Assistance and Energy Management Programs to Manage Bill Costs

ComEd Reminds Income-Eligible Customers to Take Advantage of Latest Program Designed to Provide Bill ReliefMarch 12, 2026 4:06 PM
Business Wire
240,000 low- to moderate-income customers enrolled in new Low-Income Discount program


ComEd today joined the Community and Economic Development Association of Cook County (CEDA), as well as Chicago-area leaders to highlight the availability of ComEd’s new Low-Income Discount (LID) program. Created in alignment with the Illinois Climate and Equitable Jobs Act, ComEd’s LID program offers qualifying income-eligible customers a percentage-based discount on their electric bills based on income level. These discounts build on the state’s Low Income Energy Assistance Program (LIHEAP) program to further reduce energy costs to 3% to 6% of total household income.


Since its launch on Jan. 1, 2026, 171,000 Chicago customers are among the 240,000 active ComEd customers enrolled in the LID program, which is still accepting applications from eligible customers challenged to pay energy bills. The LID program provides new affordability options as rising energy supply costs—driven by supply-demand imbalances affecting nearly half of energy bills—continue to impact customers. ComEd does not control supply prices, and these costs are passed on without profit to ComEd.


“Too many families have to make impossible choices when energy costs rise, and LID gives customers the chance to keep the lights on while they work toward greater stability,” said ComEd President and CEO Gil Quiniones. “We will always collaborate with community partners to enhance the affordability of energy and to strengthen programs like LID that provide a lifeline for customers who may be struggling.”


The LID program offers tiered discounts to customers whose total household income is up to 300% of the federal poverty level—which amounts to $99,000 for a family of four. However, the maximum household income allowed to qualify for LID may vary based on the customer's residential delivery class and other factors.


“Access to affordable energy is essential for families to remain stable and thrive in our communities,” said Maywood Mayor Nathaniel Booker. “Programs like ComEd’s Low-Income Discount help ensure that working families, seniors and residents facing financial hardship are not forced to choose between keeping the lights on and meeting other basic needs. I encourage all eligible residents to explore this opportunity and take advantage of the relief available. By working together with partners like ComEd and CEDA, we can continue expanding access to critical resources that strengthen households and support the long-term vitality of our communities.”


Customers whose total household incomes do not exceed 200% of the Federal Poverty Level (FPL) may automatically qualify for LID when they are approved for state energy assistance programs such as LIHEAP, which is administered by Community Action Agencies (CAAs). ComEd customers with household incomes between 201% and 300% of FPL who are ineligible for LIHEAP may qualify for LID as Tier 5 customers. These individuals may apply for ComEd’s LID program by self-enrolling via the Smart Assistance Manager tool at ComEd.com/SAM.


CEDA, the administering agency of Cook County, empowers individuals, families, and communities facing poverty to secure a better quality of life. Last year, CEDA of Cook County served over 155,000 households through LIHEAP energy assistance programs.


“Community action changes people’s lives, embodies the spirit of hope, improves communities and makes America a better place to live. That promise becomes real when working families can keep the lights on without sacrificing groceries, medicine, or their mortgage,” said Harold Rice, Jr., President and CEO of CEDA of Cook County. “ComEd’s Low-Income Discount program brings that mission to life. By helping ensure energy costs remain affordable, this program strengthens household stability, supports hard-working families, and reinforces the kind of economic resilience that benefits every community. Affordability is not a partisan issue. It is about making sure families who work hard can remain secure in their homes and build a stronger future.”


Customers who apply and qualify for LIHEAP are automatically eligible to receive LID benefits for a period ranging from 13 to 24 months, depending on their specific tier and enrollment date. Actual savings realized through the program may differ according to household income and delivery class; however, ComEd estimates that the average eligible customer may achieve savings between 5% and 80% on their electricity bills.


"We must continue to pursue smart ideas that save people money and help them thrive in an ever-changing economic environment," said state Rep. Elizabeth "Lisa" Hernandez (D-Cicero). "The Low-Income Discount program is a product of this work and is a critical way for hundreds of thousands of Illinoisans to save on their monthly bills. I'm proud to have partnered with CEDA and statewide partners last spring to implement necessary changes to our LIHEAP eligibility to ensure more of our seniors can keep the lights and heat on. Let's build on this progress and continue to deliver real change for hardworking families."


“With everyday household costs rising, it’s great to see government and business working together to provide relief to those working hard to make ends meet,” said 1st District Cook County Commissioner Tara Stamps. “The effort by ComEd, and agencies across the state, to offer the Low-Income Discount program aligns with Cook County’s commitment to help lift up families and the communities they live in.”


ComEd’s other customer support programs


The introduction of LID supports ComEd’s commitment of The Exelon Promise—a comprehensive, customer-first strategy from parent company Exelon focused on delivering immediate customer relief, strong protections amid growing demand, and long-term solutions to address the root causes driving higher costs.


In 2025, ComEd helped connect more than 220,000 customers to over $108 million in financial assistance and relief programs. This included ComEd’s $10 million Customer Relief Fund, launched in collaboration with Exelon to offer immediate bill relief to more than 30,000 customers. Following this initiative, ComEd introduced its Delivery Time-of-Day pricing rate in January, enabling households to save money by shifting their energy usage to times when electricity prices are lower and demand is reduced.


These programs add to ComEd’s existing support options, such as flexible payments, energy efficiency programs, and connection to state and federal programs that help customers manage higher costs now. For details on support options, visit ComEd.com/PaymentAssistance.


ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312045590/en/
ComEd Media Relations

312-394-3500


Original: ComEd Reminds Income-Eligible Customers to Take Advantage of Latest Program Designed to Provide Bill Relief

ComEd Reinforces Commitment to Fight Rising Energy Costs as Part of “The Exelon Promise”February 23, 2026 12:58 PM
Business Wire
Customer-first strategy from parent company, Exelon, delivers local relief, customer protections and long-term solutions to ease burden on families and small businesses


As families and small businesses across northern Illinois continue to face higher energy bills, ComEd today reinforced its commitment as parent company, Exelon, launches The Exelon Promise—a comprehensive, customer-first strategy focused on delivering immediate customer relief, strong protections amid growing demand, and long-term solutions to address the root causes driving higher costs.


ComEd is implementing this shared commitment on the ground, ensuring customers are supported during a period of elevated supply prices. Energy supply prices are increasing nationwide due to a convergence of historic growth in electricity demand, limited energy supply and market dynamics that are keeping prices at record highs. While ComEd does not control supply prices established in regional markets nor profit from their increase, the energy company is responding with practical measures to help limit the impact on families and small businesses.


“The Exelon Promise reflects a companywide commitment to tackling rising energy costs and protecting the customers we serve,” said Gil Quiniones, President and CEO of ComEd. “Across northern Illinois, we are focused on providing safe, reliable energy while doing everything we can to keep costs under control for the communities who count on us.”


“The families we serve are making difficult financial choices every single day,” said Anthony E. Simpkins, President and CEO of Neighborhood Housing Services (NHS) of Chicago. “Access to clear information, reliable assistance and trusted partners matters. ComEd has worked alongside us to connect residents to critical resources when they need them most. Together, we remain committed to strengthening stability and expanding opportunity in our communities," he added.


Delivering on Affordability Across Northern Illinois


Under The Exelon Promise, ComEd continues to advance programs and protections designed to help customers manage rising energy costs today, while pursuing lasting reforms that address long-term cost drivers.



Customer support: To deliver immediate relief to customers, ComEd, with the help of Exelon, launched its $10 million Customer Relief Fund last summer. This one-time fund preceded the Jan. 1 launch of ComEd’s Low-Income Discount program and Delivery Time-of-Day pricing rate, both of which provide more long-term customer support. These programs join ComEd’s existing support efforts that include flexible payment options, energy efficiency programs, and connection to state and federal programs that help customers manage higher costs now. Additional customer support programs, including those for small- to medium-sized businesses, are being considered.



Customer protections: Implementing the first set of new Transmission Security Agreements that provide strong guardrails to ensure large energy users, including data centers, pay for the infrastructure needed to support their growth, helping shield residential and small businesses from unfair cost impacts.



ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state's population. For more information visit ComEd.com, and connect with the company on Facebook, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260223429669/en/
ComEd Media Relations

312-394-3500


Original: ComEd Reinforces Commitment to Fight Rising Energy Costs as Part of “The Exelon Promise”

Exelon Commends U.S. Department of the Treasury for Issuing Tax Notice that Addresses Affordability, Promotes Grid InvestmentFebruary 19, 2026 12:22 PM
Business Wire
Exelon today commended the U.S. Department of the Treasury for issuing corporate alternative minimum tax (CAMT) notice that addresses energy affordability for customers and allows for the critical infrastructure investments necessary to deliver safe and reliable power. Today’s action can save customers as much as $200 million over four years and make it more cost-effective to make needed investments in the grid.


The news comes as the public utility company launched The Exelon Promise, a new initiative to address energy affordability concerns and bring energy supply costs under control. Solutions include a combination of short-term help for customers through Exelon’s $60 million Customer Relief Fund, award-winning energy efficiency programs, negotiating innovative agreements with large load customers like data centers to protect customers, and policy reforms such as extending the PJM price cap and utility-generated power. The newly issued notice is another opportunity for Exelon to further its commitment to keeping the power on while keeping energy bills as low as possible.


“We appreciate the Treasury Department’s common-sense decision because we share customers’ frustration over high energy costs and we are looking at every meaningful solution to address them,” said Calvin Butler, President and CEO of Exelon. “Today’s action is one step toward addressing affordability concerns as it adds high paying jobs to the economy and helps secure the reliability and resilience of the grid.”


Demands on the grid are expected to grow rapidly in the coming years. Aging infrastructure, the onshoring of manufacturing, more frequent physical and cyber security threats, and the need for additional computing power driven by artificial intelligence are increasing strain on the grid. Investment is urgently needed to harden the grid and minimize disruption from potentially more severe and longer outages. At the same time, customer bills and the threat of brownouts are rising due to increasing demand and limited energy supply.


Exelon commends Congressman Brad Schneider (D-IL) and Congresswoman Carol Miller (R-WV) for their leadership highlighting the impact of CAMT on customer bills and their sponsorship of bipartisan legislation addressing this critical issue of fairness affecting customers.


Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon’s more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219741342/en/
James Gherardi

Exelon Corporate Communications

Media Hotline: 312-394-7417


Original: Exelon Commends U.S. Department of the Treasury for Issuing Tax Notice that Addresses Affordability, Promotes Grid Investment

NextEra Energy Transmission and Exelon Welcome PJM Board Vote to Advance Grid Reliability ProjectFebruary 13, 2026 4:09 PM
PR Newswire (US)

JUNO BEACH, Fla. and CHICAGO, Feb. 13, 2026 /PRNewswire/ -- NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc. (NYSE: NEE), and Exelon Corporation (Nasdaq: EXC) today welcomed the PJM Board of Directors' approval of their proposed ~220-mile, 765-kV transmission line. The project will enhance electric reliability and affordability for West Virginia, Pennsylvania and the MidAtlantic region.







Why it matters: Advancing this project is a key step in addressing reliability risks and ensuring long-term grid stability. This investment will benefit customers and unlock new generation opportunities across the region, reinforcing the grid as electricity supply struggles to keep pace with rising demand. As the regional grid operator for 13 states and D.C., PJM Board's decision reflects their determination that these reliability challenges cannot be solved with small or localized upgrades alone—extraordinary demand growth requires a suite of solutions.Core benefits of the transmission line:Adds critically-needed capacity to meet rising demandEnables new generation to connect to the gridEnsures a supply of affordable electricity for families and small businessesAttracts industrial investment and economic developmentCreates good-paying jobs during construction and beyondA word from Matt Valle, president of NextEra Energy Transmission: "This transmission line enables long-term safe, reliable and affordable power for the region—this is a win for residents and a win for the local economy."A word from Carim Khouzami, executive vice president of transmission and development for Exelon: "As electricity demand increases are outpacing the current supply, this investment will be critical to ensuring we can bring the energy needed to meet the needs of families and small businesses across Pennsylvania and West Virginia while keeping customer affordability at the forefront. This result will allow us to deliver meaningful, lasting value for the region."Next steps: NextEra Energy Transmission and Exelon are dedicated to fostering transparent and meaningful engagement with community members throughout this process and connecting at open houses later this year. The objective is to minimize impacts on landowners and the broader community as this critical transmission project is advanced.About NextEra Energy Transmission
NextEra Energy Transmission, LLC is North America's leading competitive transmission company. With more than 3,100 miles of transmission lines in operation and development in 18 states and Canada, the company is strengthening and modernizing the electric grid to meet the country's growing energy needs. NextEra Energy Transmission owns, develops, finances, constructs, operates and maintains transmission assets across the continent. The company operates through its regional subsidiaries to integrate diverse energy sources. NextEra Energy Transmission, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. For more information, visit www.NextEraEnergyTransmission.com. About Exelon:
Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation's largest utility companies, serving almost 11 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco. Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.










View original content to download multimedia:https://www.prnewswire.com/news-releases/nextera-energy-transmission-and-exelon-welcome-pjm-board-vote-to-advance-grid-reliability-project-302688052.htmlSOURCE NextEra Energy Transmission, LLC; Exelon

Original: NextEra Energy Transmission and Exelon Welcome PJM Board Vote to Advance Grid Reliability Project

Exelon tops Q4 profit forecasts, unveils upbeat 2026 outlookFebruary 12, 2026 10:17 AM
IH Market News
Exelon Corporation (NASDAQ:EXC) reported fourth-quarter adjusted earnings ahead of Wall Street estimates on Thursday, even as revenue trailed expectations. Shares rose 0.38% in pre-market trading following the release.The utility group posted adjusted earnings of $0.59 per share for the quarter, beating analyst forecasts of $0.57. Revenue totaled $5.41 billion, missing the $5.51 billion consensus estimate. For full-year 2025, Exelon generated adjusted earnings of $2.77 per share.The company also introduced its 2026 guidance, projecting earnings between $2.81 and $2.91 per share. The midpoint of that range sits slightly above the analyst consensus of $2.83 and implies growth of more than 6% versus 2025 guidance. The outlook reflects Exelon’s planned $41.3 billion capital investment program over the next four years.“As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,” said Exelon President and CEO Calvin Butler. “We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision.”Fourth-quarter performance was supported by higher utility earnings, including improved distribution and transmission rates at ComEd and PHI, stronger distribution rates at PECO and BGE, and favorable weather conditions at PECO. These gains were partly offset by higher income taxes, increased contracting costs, and rising depreciation expenses.Exelon’s four-year capital plan is expected to drive rate base growth of 7.9% and operating EPS compound annual growth near the upper end of its 5–7% target range for 2025–2029. The company also updated its financing strategy, outlining plans to raise $3.4 billion in equity to support capital spending.“Exelon’s financial performance in 2025 exceeded expectations, with full-year adjusted operating earnings of $2.77 per share, sustaining a 100% track record of annual outperformance as a standalone utility,” said Chief Financial Officer Jeanne Jones.The board declared a quarterly dividend of $0.42 per share, payable on March 13, 2026, to shareholders of record as of March 2, 2026.Exelon stock price

Original: Exelon tops Q4 profit forecasts, unveils upbeat 2026 outlook

Exelon Reports Fourth Quarter and Full Year 2025 Results and Initiates 2026 Financial OutlookFebruary 12, 2026 6:50 AM
Business Wire
Earnings Release Highlights



Executed Adjusted (non-GAAP) operating earnings per share above expectations, with GAAP net income of $0.58 per share and Adjusted (non-GAAP) operating earnings of $0.59 per share for the fourth quarter of 2025, resulting in full-year GAAP net income of $2.73 per share and Adjusted (non-GAAP) operating earnings of $2.77 per share



Introducing full year 2026 Adjusted (non-GAAP) operating earnings guidance range of $2.81-$2.91 per share, representing over 6% growth from 2025 guidance



Projecting $41.3 billion of capital expenditures over the next four years to support customer needs and grid reliability, resulting in expected rate base growth of 7.9% and operating EPS compounded annual growth near the top end of 5-7% from 2025-2029



Updating 4-year financing plan to include $3.4 billion of equity to fund capital expenditures, in line with a balanced funding strategy of funding incremental capital with approximately 40% equity, implying $850 million in annualized equity needs per year, with 82% of 2026 needs priced under forwards



All utilities achieved first quartile performance in System Average Interruption Duration Index (SAIDI), with ComEd landing in top decile for both SAIDI and System Average Interruption Frequency Index



Customer affordability is paramount to Exelon’s strategy, with $60 million provided in direct assistance through the company’s Customer Relief Fund



Exelon Corporation (Nasdaq: EXC) today reported its financial results for the fourth quarter and full year 2025.


“As we close out our 25th anniversary year, I am pleased to report that Exelon delivered strong operational and financial performance in 2025,” said Exelon President and Chief Executive Officer Calvin Butler. “We remain committed to balancing the investments needed to meet tomorrow’s energy demands while keeping our customers at the center of every decision. Through our customer programs and disciplined focus on cost and operational excellence, we continued to maintain customer bills below the national average. We look forward to building on this momentum in 2026 – delivering and advocating for safe, reliable and affordable energy solutions while strengthening the communities we proudly serve.”


“Exelon's financial performance in 2025 exceeded expectations, with full-year adjusted operating earnings of $2.77 per share, sustaining a 100% track record of annual outperformance as a standalone utility,” said Exelon Chief Financial Officer Jeanne Jones. “With a $41.3 billion four-year capital plan and 7.9% rate base growth, we are well-positioned to deliver annualized earnings growth near the top end of 5% to 7% through 2029. As we continue to make the critical investments needed to modernize our energy infrastructure, we remain focused on supporting our customers by providing reliable and resilient service, maintaining a sharp focus on cost management, and advocating for policies that advance customer equity and energy supply solutions.”


Fourth Quarter 2025


Exelon's GAAP net income for the fourth quarter of 2025 decreased to $0.58 per share from $0.64 per share in the fourth quarter of 2024. Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $0.59 per share from $0.64 per share in the fourth quarter of 2024. For the reconciliations of GAAP net income to Adjusted (non-GAAP) operating earnings, refer to the tables beginning on page 5.


GAAP net income and Adjusted (non-GAAP) operating earnings in the fourth quarter of 2025 primarily reflect:



Higher utility earnings primarily due to distribution and transmission rates at ComEd and PHI, distribution rates at PECO and BGE, higher AFUDC at ComEd, favorable weather at PECO, and impacts of the multi-year plan reconciliation at BGE. This was partially offset by higher income taxes, contracting costs, depreciation expense, and an absence of the storm cost deferral at PECO, higher contracting costs at PHI, higher interest expense at PECO and BGE, and timing of distribution earnings at ComEd.



Higher costs at the Exelon holding company primarily due to higher interest expense, charitable contributions, and the Customer Relief Fund contribution. This was partially offset by lower income taxes.



Full Year 2025


Exelon's GAAP net income for 2025 increased to $2.73 per share from $2.45 per share in 2024. Adjusted (non-GAAP) operating earnings for 2025 increased to $2.77 per share from $2.50 per share in 2024.


GAAP net income and Adjusted (non-GAAP) operating earnings for the full year 2025 primarily reflect:



Higher utility earnings primarily due to distribution rates at PECO and BGE, distribution and transmission rates at ComEd and PHI, favorable weather at PECO, a higher return on regulatory assets primarily due to an increase in asset balances and higher AFUDC at ComEd, lower income taxes at PECO, and lower storm costs and impacts of the multi-year plan reconciliation at BGE. This was partially offset by higher interest expense at PECO, BGE, and PHI; higher depreciation expense at PECO and PHI; higher contracting costs at PECO and PHI; lower transmission peak load at ComEd; absence of the Pepco multi-year plan reconciliations; and lower AFUDC at PHI.



Higher costs at the Exelon holding company primarily due to the Customer Relief Fund contribution, higher interest expense, charitable contributions, and higher income taxes.



Operating Company Results1


ComEd


ComEd's fourth quarter of 2025 GAAP net income increased to $244 million from $243 million in the fourth quarter of 2024. ComEd's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $252 million from $243 million in the fourth quarter of 2024, primarily due to an increase in distribution and transmission rate base driven by incremental investments to serve customers and an increase in allowance for funds used during construction (AFUDC), partially offset by the timing of distribution earnings. Due to revenue decoupling, ComEd's distribution earnings are not intended to be affected by actual weather or customer usage patterns.


PECO


PECO’s fourth quarter of 2025 GAAP net income decreased to $162 million from $195 million in the fourth quarter of 2024. PECO's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 decreased to $162 million from $196 million in the fourth quarter of 2024, primarily due to an increase in income taxes due to tax repairs, an absence of the storm cost deferral, an increase in contracting costs, and an increase in depreciation and interest expense, partially offset by electric and gas distribution rates associated with updated recovery of investments to serve customers and favorable weather.


BGE


BGE’s fourth quarter of 2025 GAAP net income increased to $180 million from $175 million in the fourth quarter of 2024. BGE's Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $181 million from $175 million in the fourth quarter of 2024, primarily due to distribution rates associated with updated recovery of investments to serve customers and impacts of the multi-year plan reconciliation, partially offset by an increase in interest expense. Due to revenue decoupling, BGE's distribution earnings are not intended to be affected by actual weather or customer usage patterns.


PHI


PHI’s fourth quarter of 2025 GAAP net income increased to $171 million from $138 million in the fourth quarter of 2024. PHI’s Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 increased to $171 million from $132 million in the fourth quarter of 2024, primarily due to distribution and transmission rates driven by updated recovery of investments to serve customers. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland, Pepco District of Columbia, and ACE are not intended to be affected by actual weather or customer usage patterns.




___________








1Exelon’s four business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; and PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware.







Initiates Annual Guidance for 2026


Exelon introduced a guidance range for 2026 Adjusted (non-GAAP) operating earnings of $2.81-$2.91 per share. There are no adjustments between 2026 projected GAAP earnings and Adjusted (non-GAAP) operating earnings currently.


Recent Developments and Fourth Quarter Highlights



Dividend: On February 12, 2026, Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share on Exelon's common stock. The dividend is payable on March 13, 2026, to Exelon shareholders of record as of the close of business on March 2, 2026.



Rate Case Developments:


ComEd Multi-Year Rate Plan Reconciliation: On December 18, 2025, the Illinois Commerce Commission (ICC) issued a final order on the ComEd 2024 Multi-Year Rate Plan Reconciliation. The ICC approved a total requested revenue requirement increase of $243 million, with rates effective on January 1, 2026.



BGE Multi-Year Plan Reconciliation: The Maryland Public Service Commission (MDPSC) approved BGE to recover $77 million of under-collections related to its 2023 reconciliation request, with rates effective February 1, 2026. The MDPSC also provided for $28 million of additional regulatory assets.



DPL Delaware Electric Distribution Base Rate Case: On December 9, 2025, DPL Delaware filed an application the Delaware Public Service Commission (DEPSC) to increase its annual electric distribution rates by $45 million, reflecting an ROE of 10.50%. DPL currently expects a decision in the third quarter of 2027 but cannot predict if the DEPSC will approve the application as filed. DPL can implement interim rates on July 9, 2026, subject to refund.



DPL Delaware Natural Gas Distribution Base Rate Case: On December 17, 2025, the Delaware Public Service Commission approved an increase in DPL's annual natural gas base rates of $22 million, reflecting an ROE of 9.60%. Interim rates went into effect on April 20, 2025, subject to refund. Rates associated with the approved order were effective on January 1, 2026.



ACE Electric Base Rate Case: On November 21, 2025, the New Jersey Board of Public Utilities approved an increase in ACE's annual electric distribution base rates of $54 million (before New Jersey sales and uses tax), reflecting an ROE of 9.60%, with rates effective on December 1, 2025.






Financing Activities:


On December 4, 2025, Exelon issued $1 billion of its 3.25% Convertible Senior Notes. Exelon used the proceeds to repay or refinance debt and for general corporate purposes.



On November 19, 2025, ACE issued First Mortgage Bonds of $75 million and $75 million at 5.54% and 5.81% due on September 19, 2040 and September 19, 2055, respectively. The proceeds were used to repay existing indebtedness and for general corporate purposes.






Adjusted (non-GAAP) Operating Earnings Reconciliation


Adjusted (non-GAAP) operating earnings for the fourth quarter of 2025 do not include the following items (after tax) that were included in reported GAAP net income:




(in millions, except per share amounts)






Exelon




Earnings per




Diluted




Share






Exelon






ComEd






PECO






BGE






PHI








2025 GAAP net income






$






0.58






 






$






593






 






$






244






 






$






162






 






$






180






 






$






171






 








Regulatory matters (net of taxes of $3)






 






0.01







 






8







 






8







 






—







 






—







 






—









2025 Adjusted (non-GAAP) operating earnings






$






0.59






 






$






602






 






$






252






 






$






162






 






$






181






 






$






171






 








 






 






 






 






 






 






 







Adjusted (non-GAAP) operating earnings for the fourth quarter of 2024 do not include the following items (after tax) that were included in reported GAAP net income:




(in millions, except per share amounts)






Exelon




Earnings per




Diluted




Share






Exelon






ComEd






PECO






BGE






PHI








2024 GAAP net income






$






0.64






 






$






647






 






$






243






 






$






195






 






$






175






 






$






138






 








Asset retirement obligation (net of taxes of $3)






 






0.01






 






 






8






 






 






—






 






 






—






 






 






—






 






 






8






 








Cost management charge (net of taxes of $1, $0, $1, respectively)






 






—






 






 






2






 






 






—






 






 






1






 






 






—






 






 






1






 








Environmental costs (net of taxes of $5)






 






(0.01






)






 






(12






)






 






—







 






—







 






—







 






(12






)








Income tax-related adjustments (entire amount represents tax expense)






 






—






 






 






(3






)






 






—






 






 






—






 






 






—






 






 






(3






)








2024 Adjusted (non-GAAP) operating earnings






$






0.64






 






$






642






 






$






243






 






$






196






 






$






175






 






$






132






 








 






 






 






 






 






 






 







Adjusted (non-GAAP) operating earnings for the full year of 2025 do not include the following items (after tax) that were included in reported GAAP net income:




(in millions, except per share amounts)






Exelon




Earnings per




Diluted




Share






Exelon






ComEd






PECO






BGE






PHI








2025 GAAP net income






$






2.73






 






$






2,768






 






$






1,147






 






$






814






 






$






578






 






$






799






 








Asset retirement obligations (net of taxes of $0)






 






—







 






(1






)






 






—







 






—







 






—







 






(1






)








Change in FERC audit liability (net of taxes of $1)






 






—






 






 






2






 






 






2






 






 






—






 






 






—






 






 






—






 








Cost management charge (net of taxes of $0)






 






—






 






 






(1






)






 






—






 






 






—






 






 






—






 






 






—






 








Regulatory matters (net of taxes of $10)






 






0.03






 






 






30






 






 






29






 






 






—






 






 






—






 






 






—






 








Income tax-related adjustments (entire amount represents tax expense)






 






—






 






 






1






 






 






—






 






 






—






 






 






—






 






 






1






 








2025 Adjusted (non-GAAP) operating earnings






$






2.77






 






$






2,801






 






$






1,178






 






$






814






 






$






578






 






$






799






 








 






 






 






 






 






 






 







Adjusted (non-GAAP) operating earnings for the full year of 2024 do not include the following items (after tax) that were included in reported GAAP net income:




(in millions, except per share amounts)






Exelon




Earnings per




Diluted




Share






Exelon






ComEd






PECO






BGE






PHI








2024 GAAP net income






$






2.45






 






$






2,460






 






$






1,066






 






$






551






 






$






527






 






$






741






 








Asset retirement obligations (net of taxes of $3)






 






0.01






 






 






8






 






 






—






 






 






—






 






 






—






 






 






8






 








Change in FERC audit liability (net of taxes of $13)






 






0.04






 






 






42






 






 






40






 






 






—






 






 






—






 






 






—






 








Cost management charge (net of taxes of $4, $0, $2, $0, $2, respectively)






 






0.01






 






 






13






 






 






—






 






 






5






 






 






1






 






 






6






 








Environmental costs (net of taxes of $5)






 






(0.01






)






 






(13






)






 






—







 






—







 






—







 






(13






)








Income tax-related adjustments (entire amount represents tax expense)






 






—






 






 






(3






)






 






—






 






 






—






 






 






—






 






 






(3






)








2024 Adjusted (non-GAAP) operating earnings






$






2.50






 






$






2,507






 






$






1,106






 






$






556






 






$






529






 






$






739






 









__________








Note:








Amounts may not sum due to rounding.








Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.







Webcast Information


Exelon will discuss fourth quarter 2025 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at https://investors.exeloncorp.com/.


About Exelon


Exelon (Nasdaq: EXC) is a Fortune 200 company and one of the nation’s largest utility companies, serving more than 10.9 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). Exelon's more than 20,000 employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow @Exelon on X and LinkedIn.


Non-GAAP Financial Measures


In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) operating earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) operating earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) operating earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. Exelon has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) operating earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP net income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) operating earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: https://investors.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Feb. 12, 2026.


Cautionary Statements Regarding Forward-Looking Information


This press release contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” “should,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to: unfavorable legislative and/or regulatory actions; uncertainty as to outcomes and timing of regulatory approval proceedings and/or negotiated settlements thereof; environmental liabilities and remediation costs; state and federal legislation requiring use of low-emission, renewable, and/or alternate fuel sources and/or mandating implementation of energy conservation programs requiring implementation of new technologies; challenges to tax positions taken, tax law changes, and difficulty in quantifying potential tax effects of business decisions; negative outcomes in legal proceedings; physical security and cybersecurity risks; extreme weather events, natural disasters, operational accidents such as wildfires or natural gas explosions, war, acts and threats of terrorism, public health crises, epidemics, pandemics, or other significant events; disruptions or cost increases in the supply chain, including shortages in labor, materials or parts, or significant increases in relevant tariffs; lack of sufficient power generation resources to meet actual or forecasted demand or disruptions at generation facilities owned by third parties; emerging technologies that could affect or transform the energy industry; instability in capital and credit markets; a downgrade of any Registrant’s credit ratings or other failure to satisfy the credit standards in the Registrants’ agreements or regulatory financial requirements; significant economic downturns or increases in customer rates; impacts of climate change and weather on energy usage and maintenance and capital costs; and impairment of long-lived assets, goodwill, and other assets.


New factors emerge from time to time, and it is impossible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For more information, see those factors discussed with respect to Exelon Corporation, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) in the Registrants' most recent Annual Report on Form 10-K, including in Part I, ITEM 1A, any subsequent Quarterly Reports on Form 10-Q, and in other reports filed by the Registrants from time to time with the SEC.


Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.


Exelon uses its corporate website, www.exeloncorp.com, investor relations website, investors.exeloncorp.com, and social media channels to communicate with Exelon's investors and the public about the Registrants and other matters. Exelon's posts through these channels may be deemed material. Accordingly, Exelon encourages investors and others interested in the Registrants to routinely monitor these channels, in addition to following the Registrants' press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of Exelon's websites and social media channels are not, however, incorporated by reference into this press release.




Earnings Release Attachments




Table of Contents








 



Consolidating Statement of Operations






1








 






 








Consolidated Balance Sheets






3








 






 








Consolidated Statements of Cash Flows






5








 






 








Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings






6








 






 








Statistics






 








ComEd






8








PECO






9








BGE






11








Pepco






13








DPL






14








ACE.






16



















 



Consolidating Statements of Operations




(unaudited)




(in millions)








 






 






 






 






 






 






 






 






 






 






 






 








 






ComEd






 






PECO






 






BGE






 






PHI






 






Other (a)






 






Exelon








Three Months Ended December 31, 2025






 






 






 






 






 






 






 






 






 






 






 








Operating revenues






$






1,091






 






 






$






1,172






 






 






$






1,432






 






 






$






1,727






 






 






$






(10






)






 






$






5,412






 








Operating expenses






 






 






 






 






 






 






 






 






 






 






 








Purchased power and fuel






 






(262






)






 






 






445






 






 






 






638






 






 






 






735






 






 






 






—






 






 






 






1,556






 








Operating and maintenance






 






456






 






 






 






323






 






 






 






260






 






 






 






302






 






 






 






(4






)






 






 






1,337






 








Depreciation and amortization






 






397






 






 






 






119






 






 






 






159






 






 






 






235






 






 






 






13






 






 






 






923






 








Taxes other than income taxes






 






106






 






 






 






56






 






 






 






97






 






 






 






143






 






 






 






11






 






 






 






413






 








Total operating expenses






 






697






 






 






 






943






 






 






 






1,154






 






 






 






1,415






 






 






 






20






 






 






 






4,229






 








Gain on sale of assets






 






—






 






 






 






—






 






 






 






—






 






 






 






1






 






 






 






1






 






 






 






2






 








Operating income (loss)






 






394






 






 






 






229






 






 






 






278






 






 






 






313






 






 






 






(29






)






 






 






1,185






 








Other income and (deductions)






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(135






)






 






 






(72






)






 






 






(64






)






 






 






(105






)






 






 






(174






)






 






 






(550






)








Other, net






 






45






 






 






 






11






 






 






 






17






 






 






 






18






 






 






 






(6






)






 






 






85






 








Total other income and (deductions)






 






(90






)






 






 






(61






)






 






 






(47






)






 






 






(87






)






 






 






(180






)






 






 






(465






)








Income (loss) before income taxes






 






304






 






 






 






168






 






 






 






231






 






 






 






226






 






 






 






(209






)






 






 






720






 








Income taxes






 






60






 






 






 






6






 






 






 






51






 






 






 






55






 






 






 






(45






)






 






 






127






 








Net income (loss) attributable to common shareholders






$






244






 






 






$






162






 






 






$






180






 






 






$






171






 






 






$






(164






)






 






$






593






 








 






 






 






 






 






 






 






 






 






 






 






 








Three Months Ended December 31, 2024






 






 






 






 






 






 






 






 






 






 






 








Operating revenues






$






1,816






 






 






$






998






 






 






$






1,157






 






 






$






1,509






 






 






$






(9






)






 






$






5,471






 








Operating expenses






 






 






 






 






 






 






 






 






 






 






 








Purchased power and fuel






 






538






 






 






 






363






 






 






 






423






 






 






 






574






 






 






 






1






 






 






 






1,899






 








Operating and maintenance






 






426






 






 






 






245






 






 






 






240






 






 






 






322






 






 






 






(49






)






 






 






1,184






 








Depreciation and amortization






 






390






 






 






 






110






 






 






 






164






 






 






 






232






 






 






 






17






 






 






 






913






 








Taxes other than income taxes






 






89






 






 






 






54






 






 






 






91






 






 






 






133






 






 






 






10






 






 






 






377






 








Total operating expenses






 






1,443






 






 






 






772






 






 






 






918






 






 






 






1,261






 






 






 






(21






)






 






 






4,373






 








Loss on sale of assets






 






—






 






 






 






—






 






 






 






—






 






 






 






(1






)






 






 






—






 






 






 






(1






)








Operating income






 






373






 






 






 






226






 






 






 






239






 






 






 






247






 






 






 






12






 






 






 






1,097






 








Other income and (deductions)






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(126






)






 






 






(62






)






 






 






(56






)






 






 






(97






)






 






 






(126






)






 






 






(467






)








Other, net






 






27






 






 






 






10






 






 






 






10






 






 






 






19






 






 






 






—






 






 






 






66






 








Total other income and (deductions)






 






(99






)






 






 






(52






)






 






 






(46






)






 






 






(78






)






 






 






(126






)






 






 






(401






)








Income (loss) before income taxes






 






274






 






 






 






174






 






 






 






193






 






 






 






169






 






 






 






(114






)






 






 






696






 








Income taxes






 






31






 






 






 






(21






)






 






 






18






 






 






 






31






 






 






 






(10






)






 






 






49






 








Net income (loss) attributable to common shareholders






$






243






 






 






$






195






 






 






$






175






 






 






$






138






 






 






$






(104






)






 






$






647






 








 






 






 






 






 






 






 






 






 






 






 






 








Change in net income (loss) from 2024 to 2025






$






1






 






 






$






(33






)






 






$






5






 






 






$






33






 






 






$






(60






)






 






$






(54






)



















 



Consolidating Statements of Operations




(unaudited)




(in millions)


















 



 






ComEd






 






PECO






 






BGE






 






PHI






 






Other (a)






 






Exelon








Twelve Months Ended December 31, 2025






 






 






 






 






 






 






 






 






 






 






 








Operating revenues






$






7,267






 






 






$






4,684






 






 






$






5,222






 






 






$






7,135






 






 






$






(50






)






 






$






24,258






 








Operating expenses






 






 






 






 






 






 






 






 






 






 






 








Purchased power and fuel






 






1,782






 






 






 






1,733






 






 






 






2,221






 






 






 






2,931






 






 






 






—






 






 






 






8,667






 








Operating and maintenance






 






1,710






 






 






 






1,195






 






 






 






1,066






 






 






 






1,327






 






 






 






(121






)






 






 






5,177






 








Depreciation and amortization






 






1,560






 






 






 






454






 






 






 






632






 






 






 






935






 






 






 






59






 






 






 






3,640






 








Taxes other than income taxes






 






409






 






 






 






240






 






 






 






370






 






 






 






568






 






 






 






42






 






 






 






1,629






 








Total operating expenses






 






5,461






 






 






 






3,622






 






 






 






4,289






 






 






 






5,761






 






 






 






(20






)






 






 






19,113






 








Gain on sale of assets






 






—






 






 






 






—






 






 






 






—






 






 






 






3






 






 






 






—






 






 






 






3






 








Operating income (loss)






 






1,806






 






 






 






1,062






 






 






 






933






 






 






 






1,377






 






 






 






(30






)






 






 






5,148






 








Other income and (deductions)






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(530






)






 






 






(260






)






 






 






(247






)






 






 






(411






)






 






 






(679






)






 






 






(2,127






)








Other, net






 






132






 






 






 






41






 






 






 






51






 






 






 






72






 






 






 






(26






)






 






 






270






 








Total other income and (deductions)






 






(398






)






 






 






(219






)






 






 






(196






)






 






 






(339






)






 






 






(705






)






 






 






(1,857






)








Income (loss) before income taxes






 






1,408






 






 






 






843






 






 






 






737






 






 






 






1,038






 






 






 






(735






)






 






 






3,291






 








Income taxes






 






261






 






 






 






29






 






 






 






159






 






 






 






239






 






 






 






(165






)






 






 






523






 








Net income (loss) attributable to common shareholders






$






1,147






 






 






$






814






 






 






$






578






 






 






$






799






 






 






$






(570






)






 






$






2,768






 








 






 






 






 






 






 






 






 






 






 






 






 








Twelve Months Ended December 31, 2024






 






 






 






 






 






 






 






 






 






 






 








Operating revenues






$






8,219






 






 






$






3,973






 






 






$






4,426






 






 






$






6,448






 






 






$






(38






)






 






$






23,028






 








Operating expenses






 






 






 






 






 






 






 






 






 






 






 








Purchased power and fuel






 






3,042






 






 






 






1,477






 






 






 






1,651






 






 






 






2,513






 






 






 






—






 






 






 






8,683






 








Operating and maintenance






 






1,703






 






 






 






1,120






 






 






 






1,036






 






 






 






1,250






 






 






 






(169






)






 






 






4,940






 








Depreciation and amortization






 






1,514






 






 






 






428






 






 






 






638






 






 






 






947






 






 






 






67






 






 






 






3,594






 








Taxes other than income taxes






 






376






 






 






 






218






 






 






 






345






 






 






 






528






 






 






 






37






 






 






 






1,504






 








Total operating expenses






 






6,635






 






 






 






3,243






 






 






 






3,670






 






 






 






5,238






 






 






 






(65






)






 






 






18,721






 








Gain (loss) on sale of assets






 






5






 






 






 






4






 






 






 






—






 






 






 






(1






)






 






 






4






 






 






 






12






 








Operating income






 






1,589






 






 






 






734






 






 






 






756






 






 






 






1,209






 






 






 






31






 






 






 






4,319






 








Other income and (deductions)






 






 






 






 






 






 






 






 






 






 






 








Interest expense, net






 






(501






)






 






 






(232






)






 






 






(216






)






 






 






(376






)






 






 






(589






)






 






 






(1,914






)








Other, net






 






94






 






 






 






37






 






 






 






36






 






 






 






97






 






 






 






(2






)






 






 






262






 








Total other income and (deductions)






 






(407






)






 






 






(195






)






 






 






(180






)






 






 






(279






)






 






 






(591






)






 






 






(1,652






)








Income (loss) before income taxes






 






1,182






 






 






 






539






 






 






 






576






 






 






 






930






 






 






 






(560






)






 






 






2,667






 








Income taxes






 






116






 






 






 






(12






)






 






 






49






 






 






 






189






 






 






 






(135






)






 






 






207






 








Net income (loss) attributable to common shareholders






$






1,066






 






 






$






551






 






 






$






527






 






 






$






741






 






 






$






(425






)






 






$






2,460






 








 






 






 






 






 






 






 






 






 






 






 






 








Change in net income (loss) 2024 to 2025






$






81






 






 






$






263






 






 






$






51






 






 






$






58






 






 






$






(145






)






 






$






308






 









__________








(a)






Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.









Exelon




Consolidated Balance Sheets




(unaudited)




(in millions)











 



 






 






December 31, 2025






 






December 31, 2024








Assets






 






 






 






 








Current assets






 






 






 






 








Cash and cash equivalents






 






$






626






 






 






$






357






 








Restricted cash and cash equivalents






 






 






525






 






 






 






541






 








Accounts receivable






 






 






 






 








Customer accounts receivable






 






 






3,732






 






 






 






3,144






 








Customer allowance for credit losses






 






 






(435






)






 






 






(406






)








Customer accounts receivable, net






 






 






3,297






 






 






 






2,738






 








Other accounts receivable






 






 






1,879






 






 






 






1,123






 








Other allowance for credit losses






 






 






(94






)






 






 






(107






)








Other accounts receivable, net






 






 






1,785






 






 






 






1,016






 








Inventories, net






 






 






 






 








Fossil fuel






 






 






88






 






 






 






72






 








Materials and supplies






 






 






780






 






 






 






781






 








Regulatory assets






 






 






1,359






 






 






 






1,940






 








Prepaid renewable energy credits






 






 






563






 






 






 






494






 








Other






 






 






523






 






 






 






445






 








Total current assets






 






 






9,546






 






 






 






8,384






 








Property, plant, and equipment, net






 






 






84,318






 






 






 






78,182






 








Deferred debits and other assets






 






 






 






 








Regulatory assets






 






 






9,214






 






 






 






8,710






 








Goodwill






 






 






6,630






 






 






 






6,630






 








Receivable related to Regulatory Agreement Units






 






 






4,755






 






 






 






4,026






 








Investments






 






 






312






 






 






 






290






 








Other






 






 






1,795






 






 






 






1,562






 








Total deferred debits and other assets






 






 






22,706






 






 






 






21,218






 








Total assets






 






$






116,570






 






 






$






107,784






 








 






 






 






 






 








Liabilities and Shareholders' Equity






 






 






 






 








Current liabilities






 






 






 






 








Short-term borrowings






 






$






612






 






 






$






1,859






 








Long-term debt due within one year






 






 






1,665






 






 






 






1,453






 








Accounts payable






 






 






3,721






 






 






 






2,994






 








Accrued expenses






 






 






1,582






 






 






 






1,468






 








Payables to affiliates






 






 






5






 






 






 






5






 








Customer deposits






 






 






533






 






 






 






446






 








Regulatory liabilities






 






 






1,128






 






 






 






411






 








Mark-to-market derivative liabilities






 






 






30






 






 






 






29






 








Unamortized energy contract liabilities






 






 






5






 






 






 






5






 








Renewable energy credit obligations






 






 






473






 






 






 






429






 








Other






 






 






577






 






 






 






512






 








Total current liabilities






 






 






10,331






 






 






 






9,611






 








Long-term debt






 






 






47,413






 






 






 






42,947






 








Long-term debt to financing trusts






 






 






390






 






 






 






390






 








Deferred credits and other liabilities






 






 






 






 








Deferred income taxes and unamortized investment tax credits






 






 






13,715






 






 






 






12,793






 








Regulatory liabilities






 






 






11,016






 






 






 






10,198






 








Pension obligations






 






 






1,749






 






 






 






1,745






 








Non-pension postretirement benefit obligations






 






 






546






 






 






 






472






 








Asset retirement obligations






 






 






321






 






 






 






301






 








Mark-to-market derivative liabilities






 






 






106






 






 






 






103






 








Unamortized energy contract liabilities






 






 






16






 






 






 






21






 








Other






 






 






2,169






 






 






 






2,282






 








Total deferred credits and other liabilities






 






 






29,638






 






 






 






27,915






 








Total liabilities






 






 






87,772






 






 






 






80,863






 








Commitments and contingencies






 






 






 






 








Shareholders’ equity






 






 






 






 








Common stock






 






 






22,106






 






 






 






21,338






 








Treasury stock, at cost






 






 






(123






)






 






 






(123






)








Retained earnings






 






 






7,577






 






 






 






6,426






 








Accumulated other comprehensive loss, net






 






 






(762






)






 






 






(720






)








Total shareholders’ equity






 






 






28,798






 






 






 






26,921






 








Total liabilities and shareholders' equity






 






$






116,570






 






 






$






107,784






 










 



Exelon




Consolidated Statements of Cash Flows




(unaudited)




(in millions)









 



 






 






Twelve Months Ended December 31,








 






 






 






2025






 






 






 






2024






 








Cash flows from operating activities






 






 






 






 








Net income






 






$






2,768






 






 






$






2,460






 








Adjustments to reconcile net income to net cash flows provided by operating activities:






 






 






 






 








Depreciation, amortization, and accretion






 






 






3,643






 






 






 






3,596






 








Gain on sales of assets






 






 






(3






)






 






 






(12






)








Deferred income taxes and amortization of investment tax credits






 






 






391






 






 






 






128






 








Other non-cash operating activities






 






 






1,331






 






 






 






592






 








Changes in assets and liabilities:






 






 






 






 








Accounts receivable






 






 






(1,691






)






 






 






(644






)








Inventories






 






 






(22






)






 






 






(56






)








Accounts payable and accrued expenses






 






 






260






 






 






 






(37






)








Collateral (paid) received, net






 






 






(10






)






 






 






33






 








Income taxes






 






 






121






 






 






 






(4






)








Regulatory assets and liabilities, net






 






 






156






 






 






 






(50






)








Pension and non-pension postretirement benefit contributions






 






 






(342






)






 






 






(180






)








Other assets and liabilities






 






 






(348






)






 






 






(257






)








Net cash flows provided by operating activities






 






 






6,254






 






 






 






5,569






 








Cash flows from investing activities






 






 






 






 








Capital expenditures






 






 






(8,529






)






 






 






(7,097






)








Proceeds from sales of assets






 






 






4






 






 






 






38






 








Other investing activities






 






 






—






 






 






 






17






 








Net cash flows used in investing activities






 






 






(8,525






)






 






 






(7,042






)








Cash flows from financing activities






 






 






 






 








Changes in short-term borrowings






 






 






(747






)






 






 






(265






)








Proceeds from short-term borrowings with maturities greater than 90 days






 






 






—






 






 






 






150






 








Repayments on short-term borrowings with maturities greater than 90 days






 






 






(500






)






 






 






(549






)








Issuance of long-term debt






 






 






6,075






 






 






 






4,974






 








Retirement of long-term debt






 






 






(1,311






)






 






 






(1,557






)








Issuance of common stock






 






 






691






 






 






 






148






 








Dividends paid on common stock






 






 






(1,617






)






 






 






(1,524






)








Proceeds from employee stock plans






 






 






36






 






 






 






43






 








Other financing activities






 






 






(94






)






 






 






(109






)








Net cash flows provided by financing activities






 






 






2,533






 






 






 






1,311






 








Increase (decrease) in cash, restricted cash, and cash equivalents






 






 






262






 






 






 






(162






)








Cash, restricted cash, and cash equivalents at beginning of period






 






 






939






 






 






 






1,101






 








Cash, restricted cash, and cash equivalents at end of period






 






$






1,201






 






 






$






939






 





















 



Exelon




Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings




Three Months Ended December 31, 2025 and 2024




(unaudited)




(in millions, except per share data)




















 



 






Exelon




Earnings per




Diluted




Share






 






ComEd






 






PECO






 






BGE






 






PHI






 






Other (a)






 






Exelon








2024 GAAP net income (loss)






$






0.64






 






 






$






243






 






 






$






195






 






 






$






175






 






 






$






138






 






 






$






(104






)






 






$






647






 








Asset retirement obligation (net of taxes of $3)






 






0.01






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






8






 






 






 






—






 






 






 






8






 








Cost management charge (net of taxes of $0, $1, $1, respectively) (1)






 






—






 






 






 






—






 






 






 






1






 






 






 






—






 






 






 






1






 






 






 






—






 






 






 






2






 








Environmental costs (net of taxes of $5)






 






(0.01






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(12






)






 






 






—






 






 






 






(12






)








Income tax-related adjustments (entire amount represents tax (expense) (2)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(3






)






 






 






—






 






 






 






(3






)








2024 Adjusted (non-GAAP) operating earnings (loss)






$






0.64






 






 






$






243






 






 






$






196






 






 






$






175






 






 






$






132






 






 






$






(104






)






 






$






642






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 








Year over year effects on Adjusted (non-GAAP) operating earnings:








Weather






$






0.02






 






 






$






—






 






(b)






$






17






 






 






$






—






 






(b)






$






4






 






(b)






$






—






 






 






$






21






 








Load






 






(0.01






)






 






 






—






 






(b)






 






(8






)






 






 






—






 






(b)






 






2






 






(b)






 






—






 






 






 






(6






)








Distribution and transmission rates (3)






 






0.11






 






 






 






12






 






(c)






 






64






 






(c)






 






12






 






(c)






 






23






 






(c)






 






—






 






 






 






111






 








Other energy delivery (4)






 






0.03






 






 






 






20






 






(c)






 






(3






)






(c)






 






5






 






(c)






 






12






 






(c)






 






—






 






 






 






34






 








Operating and maintenance expense (5)






 






(0.09






)






 






 






(12






)






 






 






(58






)






 






 






(1






)






 






 






18






 






 






 






(43






)






 






 






(96






)








Pension and non-pension postretirement benefits






 






—






 






 






 






(1






)






 






 






(1






)






 






 






—






 






 






 






(1






)






 






 






5






 






 






 






2






 








Depreciation and amortization expense (6)






 






(0.01






)






 






 






(5






)






 






 






(7






)






 






 






(5






)






 






 






(2






)






 






 






4






 






 






 






(15






)








Interest expense and other (7)






 






(0.09






)






 






 






(5






)






 






 






(38






)






 






 






(5






)






 






 






(17






)






 






 






(26






)






 






 






(91






)








Total year over year effects on Adjusted (non-GAAP) operating earnings






$






(0.05






)






 






$






9






 






 






$






(34






)






 






$






6






 






 






$






39






 






 






$






(60






)






 






$






(40






)








 






 






 






 






 






 






 






 






 






 






 






 






 






 








2025 GAAP net income (loss)






$






0.58






 






 






$






244






 






 






$






162






 






 






$






180






 






 






$






171






 






 






$






(164






)






 






$






593






 








Regulatory matters (net of taxes of $3) (8)






 






0.01






 






 






 






8






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






8






 








2025 Adjusted (non-GAAP) operating earnings (loss)






$






0.59






 






 






$






252






 






 






$






162






 






 






$






181






 






 






$






171






 






 






$






(164






)






 






$






602






 









Note:








Amounts may not sum due to rounding.








Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.








 






 








(a)






Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.








(b)






For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.








(c)






ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).








(1)






Primarily represents severance and reorganization costs related to cost management.








(2)






Reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance.








(3)






For ComEd, reflects increased distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to electric and gas rates. For BGE, reflects increased distribution revenue due to rates. For PHI, reflects increased distribution and transmission revenue primarily due to rates.








(4)






For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in electric distribution revenues due to timing of distribution earnings.








(5)






Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects the recognition of deferred storm regulatory asset in the fourth quarter of 2024 and contracting costs. For BGE, primarily reflects impacts from the multi-year plan reconciliation. For PHI, reflects the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution.








(6)






Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.








(7)






For ComEd, reflects an increase in AFUDC, partially offset by an increase in interest expense. For PECO, primarily reflects an increase in income tax expense due to tax repairs, some of which is timing, and an increase in interest expense. For BGE and PHI, primarily reflects an increase in interest expense. For Corporate, primarily reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes and an increase in interest expense, with a decrease in income tax expense due to timing.








(8)






Represents the disallowance of certain capitalized costs.









Exelon




Reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings and Analysis of Earnings




Twelve Months Ended December 31, 2025 and 2024




(unaudited)




(in millions, except per share data)




















 



 






Exelon




Earnings




per Diluted




Share






 






ComEd






 






PECO






 






BGE






 






PHI






 






Other (a)






 






Exelon








2024 GAAP net income (loss)






$






2.45






 






 






$






1,066






 






 






$






551






 






 






$






527






 






 






$






741






 






 






$






(425






)






 






$






2,460






 








Asset retirement obligations (net of taxes of $3)






 






0.01






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






8






 






 






 






—






 






 






 






8






 








Change in FERC audit liability (net of taxes of $13)






 






0.04






 






 






 






40






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






2






 






 






 






42






 








Cost management charge (net of taxes of $2, $0, $2, $0, $4, respectively) (1)






 






0.01






 






 






 






—






 






 






 






5






 






 






 






1






 






 






 






6






 






 






 






1






 






 






 






13






 








Environmental costs (net of taxes of $5)






 






(0.01






)






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(13






)






 






 






—






 






 






 






(13






)








Income tax-related adjustments (entire amount represents tax expense) (2)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(3






)






 






 






—






 






 






 






(3






)








2024 Adjusted (non-GAAP) operating earnings (loss)






$






2.50






 






 






$






1,106






 






 






$






556






 






 






$






529






 






 






$






739






 






 






$






(423






)






 






$






2,507






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 








Year over year effects on Adjusted (non-GAAP) operating earnings:








Weather






$






0.05






 






 






$






—






 






(b)






$






44






 






 






$






—






 






(b)






$






8






 






(b)






$






—






 






 






$






52






 








Load






 






(0.02






)






 






 






—






 






(b)






 






(19






)






 






 






—






 






(b)






 






2






 






(b)






 






—






 






 






 






(17






)








Distribution and transmission rates (3)






 






0.55






 






 






 






50






 






(c)






 






309






 






(c)






 






65






 






(c)






 






130






 






(c)






 






—






 






 






 






554






 








Other energy delivery (4)






 






0.17






 






 






 






93






 






(c)






 






16






 






(c)






 






10






 






(c)






 






54






 






(c)






 






—






 






 






 






173






 








Operating and maintenance expense (5)






 






(0.18






)






 






 






(12






)






 






 






(59






)






 






 






6






 






 






 






(58






)






 






 






(62






)






 






 






(185






)








Pension and non-pension postretirement benefits






 






—






 






 






 






(3






)






 






 






(3






)






 






 






—






 






 






 






—






 






 






 






3






 






 






 






(3






)








Depreciation and amortization expense (6)






 






(0.04






)






 






 






(32






)






 






 






(20






)






 






 






(5






)






 






 






9






 






 






 






6






 






 






 






(42






)








Interest expense and other (7)






 






(0.24






)






 






 






(24






)






 






 






(10






)






 






 






(27






)






 






 






(85






)






 






 






(92






)






 






 






(238






)








Total year over year effects on Adjusted (non-GAAP) operating earnings






$






0.27






 






 






$






72






 






 






$






258






 






 






$






49






 






 






$






60






 






 






$






(145






)






 






$






294






 








 






 






 






 






 






 






 






 






 






 






 






 






 






 








2025 GAAP net income (loss)






$






2.73






 






 






$






1,147






 






 






$






814






 






 






$






578






 






 






$






799






 






 






$






(570






)






 






$






2,768






 








Asset retirement obligations (net of taxes of $0)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(1






)






 






 






—






 






 






 






(1






)








Change in FERC audit liability (net of taxes of $1)






 






—






 






 






 






2






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






2






 








Cost management charge (net of taxes of $0) (1)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






(1






)








Regulatory matters (net of taxes $10) (8)






 






0.03






 






 






 






29






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1






 






 






 






30






 








Income tax-related adjustments (entire amount represents tax expense) (2)






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






 






1






 






 






 






—






 






 






 






1






 








2025 Adjusted (non-GAAP) operating earnings (loss)






$






2.77






 






 






$






1,178






 






 






$






814






 






 






$






578






 






 






$






799






 






 






$






(568






)






 






$






2,801






 









Amounts may not sum due to rounding.








Unless otherwise noted, the income tax impact of each reconciling item between GAAP net income and Adjusted (non-GAAP) operating earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items, the marginal statutory income tax rates for 2025 and 2024 ranged from 24.0% to 29.0%.








 



(a)






Other primarily includes eliminating and consolidating adjustments, Exelon’s corporate operations, shared service entities, and other financing and investment activities.








(b)






For ComEd, BGE, Pepco, DPL Maryland, and ACE, customer rates are adjusted to eliminate the impacts of weather and customer usage on distribution volumes.








(c)






ComEd's distribution rate revenues increase or decrease as fully recoverable costs fluctuate. For regulatory recovery mechanisms across the utilities, including transmission formula rates and riders, revenues increase and decrease i) as fully recoverable costs fluctuate (with no impact on net earnings), and ii) pursuant to changes in rate base, capital structure and ROE (which impact net earnings).








(1)






Primarily represents severance and reorganization costs related to cost management.








(2)






In 2024, reflects the adjustment to state deferred income taxes due to change in DPL's Delaware net operating loss valuation allowance. In 2025, reflects the adjustment to state deferred income taxes due to changes in forecasted apportionment.








(3)






For ComEd, reflects increased distribution and transmission rate base. For PECO, reflects increased distribution revenue primarily due to electric and gas rates. For BGE, reflects increased distribution revenue due to rates. For PHI, reflects increased distribution and transmission revenue due to rates.








(4)






For ComEd, reflects an increase in electric distribution, energy efficiency, and transmission revenues due to increased fully recoverable costs and an increase in return on regulatory assets, partially offset by a decrease in transmission peak load. For PHI, reflects increased distribution and transmission revenues due to increased fully recoverable costs.








(5)






Represents Operating and maintenance expense, excluding pension and non-pension postretirement benefits. For PECO, reflects increased contracting costs. For BGE, reflects impacts of the multi-year plan reconciliation and decreased storm costs. For PHI, reflects the absence of the Maryland multi-year plan reconciliations and increased contracting costs, partially offset by the recognition of ACE's work stoppage regulatory asset. For Corporate, reflects charitable contributions and the Customer Relief Fund contribution, partially offset by a decrease in Operating and maintenance expense with an offsetting decrease in other income due to the expiration of the TSA with Constellation.








(6)






Across all utilities, reflects ongoing capital expenditures offset by regulatory asset amortization.








(7)






For ComEd, reflects an increase in interest expense offset by an increase in AFUDC. For PECO, primarily reflects a decrease in income tax expense due to tax repairs, offset by an increase in interest expense. For BGE, primarily reflects an increase in interest expense. For PHI, reflects an increase in interest expense and a decrease in AFUDC. For Corporate, reflects an absence of a gain on open market repurchase of a portion of Exelon's Senior unsecured notes, an increase in interest expense, an increase in income tax expense, and a decrease in other income with an offsetting decrease in Operating and maintenance expense due to the expiration of the TSA with Constellation.








(8)






Represents the disallowance of certain capitalized costs.











 



ComEd Statistics




Three Months Ended December 31, 2025 and 2024










 



 






Electric Deliveries (in GWhs)






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather - Normal % Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






6,130






 






 






5,656






 






 






8.4






%






 






5.1






%






 






$






750






 






 






$






793






 






 






(5.4






)%








Small commercial & industrial






7,049






 






 






6,780






 






 






4.0






%






 






3.1






%






 






 






272






 






 






 






504






 






 






(46.0






)%








Large commercial & industrial(b)






6,898






 






 






7,293






 






 






(5.4






)%






 






(5.3






)%






 






 






(96






)






 






 






270






 






 






(135.6






)%








Public authorities & electric railroads






236






 






 






233






 






 






1.3






%






 






7.2






%






 






 






6






 






 






 






16






 






 






(62.5






)%








Other(c)






—







 






—







 






n/a






 






 






n/a






 






 






 






220






 






 






 






277






 






 






(20.6






)%








Total electric revenues(d)






20,313






 






 






19,962






 






 






1.8






%






 






0.7






%






 






 






1,152






 






 






 






1,860






 






 






(38.1






)%








Other Revenues(e)






 






 






 






 






 






 






 






 






 






(61






)






 






 






(44






)






 






38.6






%








Total Electric Revenues






 






 






 






 






 






 






 






 






$






1,091






 






 






$






1,816






 






 






(39.9






)%








Purchased Power






 






 






 






 






 






 






 






 






$






(262






)






 






$






538






 






 






(148.7






)%









 






 






 






 






 






 






 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






2,104







 






1,767







 






2,139







 






19.1






%






 






(1.6






)%








Cooling Degree-Days






57






 






 






39






 






 






14






 






 






46.2






%






 






307.1






%









Twelve Months Ended December 31, 2025 and 2024










 



 






Electric Deliveries (in GWhs)






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather - Normal % Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






28,016






 






 






27,274






 






 






2.7






%






 






1.1






%






 






$






4,203






 






 






$






3,809






 






 






10.3






%








Small commercial & industrial






29,333






 






 






28,367






 






 






3.4






%






 






1.1






%






 






 






2,072






 






 






 






2,259






 






 






(8.3






)%








Large commercial & industrial






28,332






 






 






27,870






 






 






1.7






%






 






1.4






%






 






 






593






 






 






 






1,145






 






 






(48.2






)%








Public authorities & electric railroads






904






 






 






822






 






 






10.0






%






 






11.1






%






 






 






47






 






 






 






60






 






 






(21.7






)%








Other(c)






—







 






—







 






n/a






 






 






n/a






 






 






 






907






 






 






 






1,080






 






 






(16.0






)%








Total electric revenues(d)






86,585






 






 






84,333






 






 






2.7






%






 






1.3






%






 






 






7,822






 






 






 






8,353






 






 






(6.4






)%








Other Revenues(e)






 






 






 






 






 






 






 






 






 






(555






)






 






 






(134






)






 






314.2






%








Total Electric Revenues






 






 






 






 






 






 






 






 






$






7,267






 






 






$






8,219






 






 






(11.6






)%








Purchased Power






 






 






 






 






 






 






 






 






$






1,782






 






 






$






3,042






 






 






(41.4






)%









 






 






 






 






 






 






 






 






 






 








 






 






 






 






 






 






 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






5,802







 






4,795







 






5,968







 






21.0






%






 






(2.8






)%








Cooling Degree-Days






1,215






 






 






1,215






 






 






1,002






 






 






—






%






 






21.3






%









Number of Electric Customers






2025






 






2024








Residential






3,776,590






 






 






3,727,097






 








Small commercial & industrial






398,746






 






 






396,797






 








Large commercial & industrial






1,988






 






 






2,283






 








Public authorities & electric railroads






5,814






 






 






5,775






 








Total






4,183,138







 






4,131,952










__________








(a)






Reflects revenues from customers purchasing electricity directly from ComEd and customers purchasing electricity from a competitive electric generation supplier, as all customers are assessed delivery charges. For customers purchasing electricity from ComEd, revenues also reflect the cost of energy and transmission.








(b)






Decrease is due to the timing of billings in 2024.








(c)






Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.








(d)






Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $21 million and $8 million for the twelve months ended December 31, 2025 and 2024, respectively.








(e)






Includes alternative revenue programs and late payment charges.









PECO Statistics




Three Months Ended December 31, 2025 and 2024










 



 






Electric and Natural Gas Deliveries






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather-




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric (in GWhs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






3,126






 






 






3,066






 






 






2.0






%






 






(1.7






)%






 






$






574






 






 






$






486






 






 






18.1






%








Small commercial & industrial






1,702






 






 






1,807






 






 






(5.8






)%






 






(6.5






)%






 






 






143






 






 






 






140






 






 






2.1






%








Large commercial & industrial






3,213






 






 






3,358






 






 






(4.3






)%






 






(4.5






)%






 






 






79






 






 






 






70






 






 






12.9






%








Public authorities & electric railroads






167






 






 






143






 






 






16.8






%






 






18.8






%






 






 






8






 






 






 






8






 






 






—






%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






81






 






 






 






75






 






 






8.0






%








Total electric revenues(c)(d)






8,208






 






 






8,374






 






 






(2.0






)%






 






(4.7






)%






 






 






885






 






 






 






779






 






 






13.6






%








Other Revenues(e)






 






 






 






 






 






 






 






 






 






10






 






 






 






9






 






 






11.1






%








Total Electric Revenues






 






 






 






 






 






 






 






 






 






895






 






 






 






788






 






 






13.6






%








Natural Gas (in mmcfs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Natural Gas Deliveries and Revenues(f)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






14,720






 






 






12,549






 






 






17.3






%






 






6.3






%






 






 






197






 






 






 






145






 






 






35.9






%








Small commercial & industrial






7,663






 






 






7,164






 






 






7.0






%






 






(2.0






)%






 






 






66






 






 






 






51






 






 






29.4






%








Large commercial & industrial






1






 






 






—






 






 






n/a






 






 






2.4






%






 






 






(1






)






 






 






—







 






n/a






 








Transportation






6,445






 






 






6,109






 






 






5.5






%






 






1.5






%






 






 






9






 






 






 






8






 






 






12.5






%








Other(g)






—






 






 






—






 






 






n/a






 






 






n/a






 






 






 






6






 






 






 






5






 






 






20.0






%








Total natural gas revenues(h)






28,829






 






 






25,822






 






 






11.6






%






 






2.9






%






 






 






277






 






 






 






209






 






 






32.5






%








Other Revenues(e)






 






 






 






 






 






 






 






 






 






—






 






 






 






1






 






 






(100.0






)%








Total Natural Gas Revenues






 






 






 






 






 






 






 






 






 






277






 






 






 






210






 






 






31.9






%








Total Electric and Natural Gas Revenues






 






 






 






 






 






$






1,172






 






 






$






998






 






 






17.4






%








Purchased Power and Fuel






 






 






 






 






 






 






 






 






$






445






 






 






$






363






 






 






22.6






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






1,590







 






1,345







 






1,521







 






18.2






%






 






4.5






%








Cooling Degree-Days






26







 






53







 






33







 






(50.9






)%






 






(21.2






)%









Twelve Months Ended December 31, 2025 and 2024










 



 






Electric and Natural Gas Deliveries






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather-




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric (in GWhs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






14,078






 






 






13,963






 






 






0.8






%






 






(1.5






)%






 






$






2,494






 






 






$






2,169






 






 






15.0






%








Small commercial & industrial






7,537






 






 






7,683






 






 






(1.9






)%






 






(3.0






)%






 






 






627






 






 






 






547






 






 






14.6






%








Large commercial & industrial






13,683






 






 






13,889






 






 






(1.5






)%






 






(2.2






)%






 






 






339






 






 






 






261






 






 






29.9






%








Public authorities & electric railroads






678






 






 






613






 






 






10.6






%






 






11.0






%






 






 






34






 






 






 






29






 






 






17.2






%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






312






 






 






 






296






 






 






5.4






%








Total electric revenues(c)






35,976






 






 






36,148






 






 






(0.5






)%






 






(1.9






)%






 






 






3,806






 






 






 






3,302






 






 






15.3






%








Other Revenues(e)






 






 






 






 






 






 






 






 






 






21






 






 






 






23






 






 






(8.7






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






 






3,827






 






 






 






3,325






 






 






15.1






%








Natural Gas (in mmcfs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Natural Gas Deliveries and Revenues(f)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






43,189






 






 






38,328






 






 






12.7






%






 






1.6






%






 






 






593






 






 






 






445






 






 






33.3






%








Small commercial & industrial






23,709






 






 






21,906






 






 






8.2






%






 






0.6






%






 






 






206






 






 






 






157






 






 






31.2






%








Large commercial & industrial






15






 






 






17






 






 






(11.8






)%






 






(2.2






)%






 






 






—







 






 






—







 






n/a






 








Transportation






24,204






 






 






23,357






 






 






3.6






%






 






0.7






%






 






 






37






 






 






 






28






 






 






32.1






%








Other(g)






—






 






 






—






 






 






n/a






 






 






n/a






 






 






 






19






 






 






 






16






 






 






18.8






%








Total natural gas revenues(h)






91,117






 






 






83,608






 






 






9.0






%






 






1.1






%






 






 






855






 






 






 






646






 






 






32.4






%








Other Revenues(e)






 






 






 






 






 






 






 






 






 






2






 






 






 






2






 






 






—






%








Total Natural Gas Revenues






 






 






 






 






 






 






 






 






 






857






 






 






 






648






 






 






32.3






%








Total Electric and Natural Gas Revenues






 






 






 






 






 






$






4,684






 






 






$






3,973






 






 






17.9






%








Purchased Power and Fuel






 






 






 






 






 






 






 






 






$






1,733






 






 






$






1,477






 






 






17.3






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






4,274







 






3,786







 






4,348







 






12.9






%






 






(1.7






)%








Cooling Degree-Days






1,547







 






1,652







 






1,455







 






(6.4






)%






 






6.3






%









Number of Electric Customers






2025






 






2024






 






Number of Natural Gas Customers






2025






 






2024








Residential






1,541,970







 






1,533,443







 






Residential






510,959







 






508,224









Small commercial & industrial






154,841







 






155,164







 






Small commercial & industrial






44,698







 






44,846









Large commercial & industrial






3,158







 






3,150







 






Large commercial & industrial






7







 






7









Public authorities & electric railroads






10,248







 






10,708







 






Transportation






617







 






644









Total






1,710,217







 






1,702,465







 






Total






556,281







 






553,721










__________








(a)






Reflects delivery volumes and revenues from customers purchasing electricity directly from PECO and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from PECO, revenues also reflect the cost of energy and transmission.








(b)






Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.








(c)






Includes operating revenues from affiliates totaling $3 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.








(d)






Decrease due to the timing of delivered volumes.








(e)






Includes alternative revenue programs and late payment charges.








(f)






Reflects delivery volumes and revenues from customers purchasing natural gas directly from PECO and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from PECO, revenue also reflects the cost of natural gas.








(g)






Includes revenues primarily from off-system sales.








(h)






Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $3 million for both the twelve months ended December 31, 2025 and 2024, respectively.









BGE Statistics




Three Months Ended December 31, 2025 and 2024










 



 






Electric and Natural Gas Deliveries






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather-




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric (in GWhs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






3,022






 






 






2,927






 






 






3.2






%






 






(1.3






)%






 






$






674






 






 






$






482






 






 






39.8






%








Small commercial & industrial






648






 






 






638






 






 






1.6






%






 






(0.3






)%






 






 






102






 






 






 






85






 






 






20.0






%








Large commercial & industrial






3,078






 






 






3,109






 






 






(1.0






)%






 






(0.9






)%






 






 






148






 






 






 






132






 






 






12.1






%








Public authorities & electric railroads






49






 






 






48






 






 






2.1






%






 






1.4






%






 






 






8






 






 






 






8






 






 






—






%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






124






 






 






 






112






 






 






10.7






%








Total electric revenues(c)






6,797






 






 






6,722






 






 






1.1






%






 






(1.0






)%






 






 






1,056






 






 






 






819






 






 






28.9






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(1






)






 






 






28






 






 






(103.6






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






 






1,055






 






 






 






847






 






 






24.6






%








Natural Gas (in mmcfs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Natural Gas Deliveries and Revenues(e)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






14,208






 






 






12,156






 






 






16.9






%






 






1.2






%






 






 






268






 






 






 






207






 






 






29.5






%








Small commercial & industrial






3,132






 






 






2,689






 






 






16.5






%






 






6.4






%






 






 






41






 






 






 






34






 






 






20.6






%








Large commercial & industrial






11,839






 






 






10,727






 






 






10.4






%






 






4.7






%






 






 






70






 






 






 






61






 






 






14.8






%








Other(f)






1,600






 






 






945






 






 






69.3






%






 






n/a






 






 






 






14






 






 






 






7







 






100.0






%








Total natural gas revenues(g)






30,779






 






 






26,517






 






 






16.1






%






 






3.2






%






 






 






393






 






 






 






309






 






 






27.2






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(17






)






 






 






1






 






 






(1,800.0






)%








Total Natural Gas Revenues






 






 






 






 






 






 






 






 






 






376






 






 






 






310






 






 






21.3






%








Total Electric and Natural Gas Revenues






 






 






 






 






 






$






1,431






 






 






$






1,157






 






 






23.7






%








Purchased Power and Fuel






 






 






 






 






 






 






 






 






$






638






 






 






$






423






 






 






50.8






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






1,729







 






1,544







 






1,617







 






12.0






%






 






6.9






%








Cooling Degree-Days






16







 






27







 






31







 






(40.7






)%






 






(48.4






)%









Twelve Months Ended December 31, 2025 and 2024










 



 






Electric and Natural Gas Deliveries






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather-




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric (in GWhs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






12,894






 






 






12,682






 






 






1.7






%






 






(0.9






)%






 






$






2,503






 






 






$






2,038






 






 






22.8






%








Small commercial & industrial






2,723






 






 






2,716






 






 






0.3






%






 






(0.3






)%






 






 






414






 






 






 






360






 






 






15.0






%








Large commercial & industrial






13,060






 






 






13,170






 






 






(0.8






)%






 






(0.1






)%






 






 






603






 






 






 






557






 






 






8.3






%








Public authorities & electric railroads






195






 






 






198






 






 






(1.5






)%






 






(1.5






)%






 






 






33






 






 






 






31






 






 






6.5






%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






476






 






 






 






414






 






 






15.0






%








Total electric revenues(c)






28,872






 






 






28,766






 






 






0.4






%






 






(0.5






)%






 






 






4,029






 






 






 






3,400






 






 






18.5






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(22






)






 






 






36







 






(161.1






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






 






4,007






 






 






 






3,436






 






 






16.6






%








Natural Gas (in mmcfs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Natural Gas Deliveries and Revenues(e)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






41,633






 






 






36,645






 






 






13.6






%






 






(1.5






)%






 






 






823






 






 






 






625






 






 






31.7






%








Small commercial & industrial






9,860






 






 






8,682






 






 






13.6






%






 






3.6






%






 






 






140






 






 






 






110






 






 






27.3






%








Large commercial & industrial






41,343






 






 






39,618






 






 






4.4






%






 






0.8






%






 






 






248






 






 






 






204






 






 






21.6






%








Other(f)






6,643






 






 






2,268






 






 






192.9






%






 






n/a






 






 






 






51






 






 






 






18






 






 






183.3






%








Total natural gas revenues(g)






99,479






 






 






87,213






 






 






14.1






%






 






0.1






%






 






 






1,262






 






 






 






957






 






 






31.9






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(47






)






 






 






33






 






 






(242.4






)%








Total Natural Gas Revenues






 






 






 






 






 






 






 






 






 






1,215






 






 






 






990






 






 






22.7






%








Total Electric and Natural Gas Revenues






 






 






 






 






 






$






5,222






 






 






$






4,426






 






 






18.0






%








Purchased Power and Fuel






 






 






 






 






 






 






 






 






$






2,221






 






 






$






1,651






 






 






34.5






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






4,439







 






3,973







 






4,496







 






11.7






%






 






(1.3






)%








Cooling Degree-Days






912







 






1,066







 






902







 






(14.4






)%






 






1.1






%









Number of Electric Customers






2025






 






2024






 






Number of Natural Gas Customers






2025






 






2024








Residential






1,222,397







 






1,216,614







 






Residential






660,986







 






658,776









Small commercial & industrial






115,197







 






115,010







 






Small commercial & industrial






37,759







 






37,874









Large commercial & industrial






13,445







 






13,266







 






Large commercial & industrial






6,417







 






6,369









Public authorities & electric railroads






252







 






260







 






Total






705,162







 






703,019









Total






1,351,291







 






1,345,150







 






 






 







 






 










__________








(a)






Reflects revenues from customers purchasing electricity directly from BGE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from BGE, revenues also reflect the cost of energy and transmission.








(b)






Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.








(c)






Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.








(d)






Includes alternative revenue programs and late payment charges.








(e)






Reflects delivery volumes and revenues from customers purchasing natural gas directly from BGE and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from BGE, revenue also reflects the cost of natural gas.








(f)






Includes revenues primarily from off-system sales.








(g)






Includes operating revenues from affiliates totaling $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $2 million and $3 million for the twelve months ended December 31, 2025 and 2024.









Pepco Statistics




Three Months Ended December 31, 2025 and 2024










 



 






Electric Deliveries (in GWhs)






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather-




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






1,873






 






 






1,808






 






 






3.6






%






 






(4.7






)%






 






$






396






 






 






$






328






 






 






20.7






%








Small commercial & industrial






264






 






 






263






 






 






0.4






%






 






(2.3






)%






 






 






50






 






 






 






44






 






 






13.6






%








Large commercial & industrial






3,355






 






 






3,369






 






 






(0.4






)%






 






(1.6






)%






 






 






301






 






 






 






259






 






 






16.2






%








Public authorities & electric railroads






176






 






 






168






 






 






4.8






%






 






3.7






%






 






 






11






 






 






 






10






 






 






10.0






%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






97






 






 






 






103






 






 






(5.8






)%








Total electric revenues(c)






5,668






 






 






5,608






 






 






1.1






%






 






(2.5






)%






 






 






855






 






 






 






744






 






 






14.9






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(27






)






 






 






(24






)






 






12.5






%








Total Electric Revenues






 






 






 






 






 






 






 






 






$






828






 






 






$






720






 






 






15.0






%








Purchased Power






 






 






 






 






 






 






 






 






$






320






 






 






$






247






 






 






29.6






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal







 






From 2024






 






From Normal








Heating Degree-Days






1,457







 






1,144







 






1,305







 






27.4






%






 






11.6






%








Cooling Degree-Days






23







 






78







 






57







 






(70.5






)%






 






(59.6






)%









Twelve Months Ended December 31, 2025 and 2024










 



 






Electric Deliveries (in GWhs)






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather-




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






8,269






 






 






8,108






 






 






2.0






%






 






1.5






%






 






$






1,669






 






 






 






1,413






 






 






18.1






%








Small commercial & industrial






1,117






 






 






1,119






 






 






(0.2






)%






 






0.5






%






 






 






205






 






 






 






184






 






 






11.4






%








Large commercial & industrial






13,979






 






 






13,904






 






 






0.5






%






 






1.4






%






 






 






1,212






 






 






 






1,053






 






 






15.1






%








Public authorities & electric railroads






676






 






 






622






 






 






8.7






%






 






8.1






%






 






 






39






 






 






 






37






 






 






5.4






%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






372






 






 






 






327






 






 






13.8






%








Total electric revenues(c)






24,041






 






 






23,753






 






 






1.2






%






 






1.6






%






 






 






3,497






 






 






 






3,014






 






 






16.0






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(43






)






 






 






25







 






(272.0






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






$






3,454






 






 






$






3,039






 






 






13.7






%








Purchased Power






 






 






 






 






 






 






 






 






$






1,262






 






 






$






1,055






 






 






19.6






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






3,662







 






3,150







 






3,655







 






16.3






%






 






0.2






%








Cooling Degree-Days






1,653







 






1,957







 






1,783







 






(15.5






)%






 






(7.3






)%









Number of Electric Customers






2025






 






2024








Residential






886,386







 






877,916









Small commercial & industrial






54,038







 






54,036









Large commercial & industrial






23,194







 






23,068









Public authorities & electric railroads






207







 






207









Total






963,825







 






955,227










__________








(a)






Reflects revenues from customers purchasing electricity directly from Pepco and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from Pepco, revenues also reflect the cost of energy and transmission.








(b)






Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.








(c)






Includes operating revenues from affiliates totaling $1 million and $2 million for the three months ended December 31, 2025 and 2024, respectively, and $6 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.








(d)






Includes alternative revenue programs and late payment charge revenues.









DPL Statistics




Three Months Ended December 31, 2025 and 2024










 



 






Electric and Natural Gas Deliveries






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather -




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric (in GWhs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






1,297






 






 






1,183






 






 






9.6






%






 






1.4






%






 






$






256






 






 






$






218






 






 






17.4






%








Small commercial & industrial






569






 






 






566






 






 






0.5






%






 






(0.2






)%






 






 






64






 






 






 






62






 






 






3.2






%








Large commercial & industrial






996






 






 






1,007






 






 






(1.1






)%






 






(1.9






)%






 






 






30






 






 






 






32






 






 






(6.3






)%








Public authorities & electric railroads






11






 






 






13






 






 






(15.4






)%






 






(15.6






)%






 






 






3






 






 






 






5






 






 






(40.0






)%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






78






 






 






 






72






 






 






8.3






%








Total electric revenues(c)






2,873






 






 






2,769






 






 






3.8






%






 






(0.2






)%






 






 






431






 






 






 






389






 






 






10.8






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(5






)






 






 






(2






)






 






150.0






%








Total Electric Revenues






 






 






 






 






 






 






 






 






 






426






 






 






 






387






 






 






10.1






%








Natural Gas (in mmcfs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Natural Gas Deliveries and Revenues(e)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






3,252






 






 






2,649






 






 






22.8






%






 






8.8






%






 






 






54






 






 






 






36






 






 






50.0






%








Small commercial & industrial






1,460






 






 






1,212






 






 






20.5






%






 






5.1






%






 






 






20






 






 






 






14






 






 






42.9






%








Large commercial & industrial






441






 






 






433






 






 






1.8






%






 






1.9






%






 






 






2






 






 






 






1






 






 






100.0






%








Transportation






1,728






 






 






1,715






 






 






0.8






%






 






(4.7






)%






 






 






5






 






 






 






5






 






 






—






%








Other(g)






—






 






 






—






 






 






n/a






 






 






n/a






 






 






 






3






 






 






 






1






 






 






200.0






%








Total natural gas revenues






6,881






 






 






6,009






 






 






14.5






%






 






3.8






%






 






 






84






 






 






 






57






 






 






47.4






%








Other Revenues(f)






 






 






 






 






 






 






 






 






 






—






 






 






 






—






 






 






n/a






 








Total Natural Gas Revenues






 






 






 






 






 






 






 






 






 






84






 






 






 






57






 






 






47.4






%








Total Electric and Natural Gas Revenues






 






 






 






 






 






$






510






 






 






$






444






 






 






14.9






%








Purchased Power and Fuel






 






 






 






 






 






 






 






 






$






223






 






 






$






187






 






 






19.3






%









Electric Service Territory






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






1,708







 






1,451







 






1,520







 






17.7






%






 






12.4






%








Cooling Degree-Days






10







 






23







 






36







 






(56.5






)%






 






(72.2






)%









Natural Gas Service Territory






 







 






 







 






 







 






% Change








Heating Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






1,727







 






1,480







 






1,635







 






16.7






%






 






5.6






%









Twelve Months Ended December 31, 2025 and 2024










 



 






Electric and Natural Gas Deliveries






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather -




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric (in GWhs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






5,542






 






 






5,371






 






 






3.2






%






 






(1.0






)%






 






$






1,049






 






 






$






943






 






 






11.2






%








Small commercial & industrial






2,392






 






 






2,359






 






 






1.4






%






 






0.9






%






 






 






264






 






 






 






253






 






 






4.3






%








Large commercial & industrial






4,129






 






 






4,122






 






 






0.2






%






 






(0.3






)%






 






 






122






 






 






 






123






 






 






(0.8






)%








Public authorities & electric railroads






42






 






 






43






 






 






(2.3






)%






 






(2.6






)%






 






 






16






 






 






 






17






 






 






(5.9






)%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






303






 






 






 






270






 






 






12.2






%








Total rate-regulated electric revenues(c)






12,105






 






 






11,895






 






 






1.8






%






 






(0.4






)%






 






 






1,754






 






 






 






1,606






 






 






9.2






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






(14






)






 






 






1






 






 






(1,500.0






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






 






1,740






 






 






 






1,607






 






 






8.3






%








Natural Gas (in mmcfs)






 






 






 






 






 






 






 






 






 






 






 






 






 








Natural Gas Deliveries and Revenues(e)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






9,052






 






 






7,810






 






 






15.9






%






 






7.5






%






 






 






139






 






 






 






108






 






 






28.7






%








Small commercial & industrial






4,339






 






 






3,801






 






 






14.2






%






 






5.5






%






 






 






55






 






 






 






43






 






 






27.9






%








Large commercial & industrial






1,680






 






 






1,674






 






 






0.4






%






 






0.4






%






 






 






7






 






 






 






5






 






 






40.0






%








Transportation






6,355






 






 






6,206






 






 






2.4






%






 






(0.3






)%






 






 






19






 






 






 






17






 






 






11.8






%








Other(f)






—






 






 






—






 






 






n/a






 






 






n/a






 






 






 






11






 






 






 






7






 






 






57.1






%








Total rate-regulated natural gas revenues






21,426






 






 






19,491






 






 






9.9






%






 






4.1






%






 






 






231






 






 






 






180






 






 






28.3






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






—






 






 






 






—







 






n/a






 








Total Natural Gas Revenues






 






 






 






 






 






 






 






 






 






231






 






 






 






180






 






 






28.3






%








Total Electric and Natural Gas Revenues






 






 






 






 






 






$






1,971






 






 






$






1,787






 






 






10.3






%








Purchased Power and Fuel






 






 






 






 






 






 






 






 






$






861






 






 






$






760






 






 






13.3






%









Electric Service Territory






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






4,434







 






3,968







 






4,320







 






11.7






%






 






2.6






%








Cooling Degree-Days






1,288







 






1,279







 






1,314







 






0.7






%






 






(2.0






)%









Natural Gas Service Territory






 







 






 







 






 







 






% Change








Heating Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






4,500







 






4,100







 






4,605







 






9.8






%






 






(2.3






)%









Number of Electric Customers






2025






 






2024






 






Number of Natural Gas Customers






2025






 






2024








Residential






495,254







 






490,626







 






Residential






132,148







 






131,392









Small commercial & industrial






65,500







 






64,813







 






Small commercial & industrial






10,255







 






10,218









Large commercial & industrial






1,273







 






1,255







 






Large commercial & industrial






14







 






14









Public authorities & electric railroads






634







 






606







 






Transportation






160







 






162









Total






562,661







 






557,300







 






Total






142,577







 






141,786










__________








(a)






Reflects delivery volumes and revenues from customers purchasing electricity directly from DPL and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from DPL, revenues also reflect the cost of energy and transmission.








(b)






Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.








(c)






Includes operating revenues from affiliates totaling $2 million for both the three months ended December 31, 2025 and 2024, and $9 million and $7 million for the twelve months ended December 31, 2025 and 2024, respectively.








(d)






Includes alternative revenue programs and late payment charges.








(e)






Reflects delivery volumes and revenues from customers purchasing natural gas directly from DPL and customers purchasing natural gas from a competitive natural gas supplier as all customers are assessed distribution charges. For customers purchasing natural gas from DPL, revenue also reflects the cost of natural gas.








(f)






Includes revenues primarily from off-system sales.











 



ACE Statistics




Three Months Ended December 31, 2025 and 2024










 



 






Electric Deliveries (in GWhs)






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather -




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






875






 






 






790






 






 






10.8






%






 






5.8






%






 






$






233






 






 






$






174






 






 






33.9






%








Small commercial & industrial






393






 






 






405






 






 






(3.0






)%






 






(4.0






)%






 






 






60






 






 






 






57






 






 






5.3






%








Large commercial & industrial






695






 






 






819






 






 






(15.1






)%






 






(15.3






)%






 






 






39






 






 






 






48






 






 






(18.8






)%








Public authorities & electric railroads






12






 






 






15






 






 






(20.0






)%






 






(16.9






)%






 






 






4






 






 






 






5






 






 






(20.0






)%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






54






 






 






 






73






 






 






(26.0






)%








Total electric revenues(c)






1,975






 






 






2,029






 






 






(2.7






)%






 






(4.9






)%






 






 






390






 






 






 






357






 






 






9.2






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






—







 






 






(9






)






 






(100.0






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






$






390






 






 






$






348






 






 






12.1






%








Purchased Power






 






 






 






 






 






 






 






 






$






192






 






 






$






140






 






 






37.1






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






1,716







 






1,483







 






1,534







 






15.7






%






 






11.9






%








Cooling Degree-Days






10







 






20







 






32







 






(50.0






)%






 






(68.8






)%









Twelve Months Ended December 31, 2025 and 2024










 



 






Electric Deliveries (in GWhs)






 






Revenue (in millions)








 






2025






 






2024






 






% Change






 






Weather -




Normal




% Change






 






 






2025






 






 






 






2024






 






 






% Change








Electric Deliveries and Revenues(a)






 






 






 






 






 






 






 






 






 






 






 






 






 








Residential






4,055






 






 






4,022






 






 






0.8






%






 






1.9






%






 






$






1,015






 






 






$






900






 






 






12.8






%








Small commercial & industrial






1,646






 






 






1,651






 






 






(0.3






)%






 






0.5






%






 






 






253






 






 






 






244






 






 






3.7






%








Large commercial & industrial






2,932






 






 






3,167






 






 






(7.4






)%






 






(6.5






)%






 






 






180






 






 






 






196






 






 






(8.2






)%








Public authorities & electric railroads






44






 






 






47






 






 






(6.4






)%






 






(5.8






)%






 






 






18






 






 






 






20






 






 






(10.0






)%








Other(b)






—







 






—







 






n/a






 






 






n/a






 






 






 






250






 






 






 






280






 






 






(10.7






)%








Total electric revenues(c)






8,677






 






 






8,887






 






 






(2.4






)%






 






(1.4






)%






 






 






1,716






 






 






 






1,640






 






 






4.6






%








Other Revenues(d)






 






 






 






 






 






 






 






 






 






2







 






 






(12






)






 






(116.7






)%








Total Electric Revenues






 






 






 






 






 






 






 






 






$






1,718






 






 






$






1,628






 






 






5.5






%








Purchased Power






 






 






 






 






 






 






 






 






$






808






 






 






$






698






 






 






15.8






%









 






 







 






 







 






 







 






% Change








Heating and Cooling Degree-Days






2025






 






2024






 






Normal






 






From 2024






 






From Normal








Heating Degree-Days






4,567







 






4,168







 






4,489







 






9.6






%






 






1.7






%








Cooling Degree-Days






1,102







 






1,262







 






1,229







 






(12.7






)%






 






(10.3






)%









Number of Electric Customers






 






2025






 






2024








Residential






 






510,005







 






507,483









Small commercial & industrial






 






63,154







 






62,739









Large commercial & industrial






 






2,682







 






2,843









Public authorities & electric railroads






 






754







 






714









Total






 






576,595







 






573,779










__________








(a)






Reflects delivery volumes and revenues from customers purchasing electricity directly from ACE and customers purchasing electricity from a competitive electric generation supplier as all customers are assessed distribution charges. For customers purchasing electricity from ACE, revenues also reflect the cost of energy and transmission.








(b)






Includes transmission revenue from PJM, wholesale electric revenue, and mutual assistance revenue.








(c)






Includes operating revenues from affiliates totaling $1 million and less than $1 million for both the three months ended December 31, 2025 and 2024, respectively, and $4 million and $2 million for the twelve months ended December 31, 2025 and 2024, respectively.








(d)






Includes alternative revenue programs.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260212104487/en/
James Gherardi

Corporate Communications

312-394-7417


Ryan Brown

Investor Relations

779-231-0017


Original: Exelon Reports Fourth Quarter and Full Year 2025 Results and Initiates 2026 Financial Outlook